August 31, 2021
BBVA (Banco Bilbao Vizcaya Argentaria), a Spanish multinational financial services company, has been officially hailed as a global leader for sustaining communities at Global Finance Awards 2021.
BBVA (read the full BBVA review here) is the first and only Spanish Bank to be considered as a global leader. It has also won the awards for Outstanding Leader in Social bonds and Sustainable Project Finance in Latin America and Outstanding Leader in Green Bonds, Sustainable Finance, and Sustainable Infrastructure Finance in Western Europe. The winners were picked for their special achievements for the environment and society, but the Global Finance magazine focused especially on the social initiatives.
Antonio Ballabriga, BBVA’s Global Head of Responsible Business, explains what the award means to the bank, “This award recognizes our efforts to support, accompany and finance, especially in those communities that need it most in many countries where we have a significant presence. In this sense, as part of our sustainability strategy, inclusive growth is critical, and greater education and financial inclusion have a favorable impact on the well-being and sustained economic progress of these communities. BBVA allocated 142 million euros to social initiatives alone in 2020.”
But the awards mentioned above are not the only reason why BBVA has received such recognition. In February this year, BBVA was recognized as the world’s best investment bank in sustainable finance.
Statistics on small business failure show that 20% of small businesses fail in their first year while other small business statistics show that only 33% will survive through 10 years. Aiming to improve the situation, BBVA supported 5 million small businesses, making BBVA one of the best banks to help small business owners according to the SBA.
Furthermore, The BBVA Microfinance Foundation (BBVAMF) is recognized as a major contributor to development in Latin America and the second leading foundation in the world after Bill & Melinda Gates Foundation.
Last year, during the peak of the COVID-19 pandemic, BBVA helped 3.5 million people with the launch of its ‘COVID-19 Social Response’ plan, investing $35.7 million to help society in a crucial time of need.