WB&AM has continued its strategy of transformation and growth with increased efforts in the global integration process and improvements in productivity and operational effectiveness. Focusing on the most relevant clients and excellent risk management have allowed capital to be reallocated to priority clients and to improve penetration in value-added products, with the subsequent increase in income.
The area plans to continue with its growth strategy to keep contributing value to the Group. Therefore, innovation, strengthening product capacities and deepening relationships with customers have been established as key factors.
Corporate and Investment Banking closed a very good year thanks to its principal characteristics:
- Selective concentration on clients with the greatest potential.
- A clear focus on cross-selling.
- Transactions with increased added-value.
- Cross-border activity.
- Strong increase of business activity in capital markets.
This approach has allowed the unit to lead the league tables for investment banking products in the local markets where BBVA operates.
Efforts in coming years will be directed towards consolidating this leadership position and earning a share in strategic markets.
Global Markets was able to double its attributable profit in 2009, due to excellent risk management, seizing of opportunities that arose in the markets and a significant improvement in operative efficiency. This area will be focusing its growth on investing in the development and innovation of fixed-income and equity products, in leading expansion into Asia and the U.S. and in expanding business with SMEs.
BBVA continues as the market leader in Asset Management in Spain for both mutual and pension funds. The unit will focus its efforts in coming years on consolidating its leadership position and diversifying its customer base, paying special attention to the institutional client. BBVA will be competing to gain market share in this segment and increase its value contribution to the Group.
BBVA also maintains its commitment to Asia, a strategic market for the Group which represents 55% of the world population and 26% of global GDP.