January-December 2012


Work on the consolidation of Unnim continued in the fourth quarter with significant progress being made:

  • An agreement has been reached with the labor unions on the closing of branches and staff reductions. The agreement, which establishes a reduction of 600 employees through early retirement, mutually agreed leaves of absence, voluntary termination of employment contracts or resignations, has been favorably received. As of the close of December 2012, the total number of employees who had left the bank was 618.
  • The offer to exchange Unnim preferred shares for BBVA shares has been very well received: 99.3% of the holders have opted for this advantageous offer, as it provides them with immediate liquidity through BBVA shares.
  • An agreement was signed with the Unnim Social Project area to sponsor those projects which are in line with BBVA’s philosophy.

BBVA Spain was recognized as the Best Global Bank at the 2012 awards organized by the British publication The Banker, which is part of the Financial Times group. The magazine highlighted BBVA’s capacity to continue growing internally by making the most of the opportunities arising from the restructuring of the Spanish financial sector. In the current adverse environment, the Bank has continued to increase its customer base and win market share in payroll and pensions.

In addition, the Private Banking unit has been named the best private bank in Spain for the third year in a row at the 2012 “Global Banking Awards”, granted each year by The Banker magazine.

BBVA maintains its commitment to the communities in which it operates. The quarter also saw the launch of the 2nd “Territorios solidarios” (Solidarity Territories) program. This program offers BBVA employees in Spain the chance to participate actively in the selection and granting of aid to social projects carried out by non-profit organizations.