BBVA is set to expand its corporate and investment banking (CIB) operations in the Middle East, with approval from the Abu Dhabi Global Market (ADGM).
ADGM’s Financial Services Regulatory Authority (FSRA) has granted BBVA In-Principle Approval (IPA) to obtain a Category 4 licence.
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This approval allows BBVA to widen its range of wholesale banking services for corporate and institutional clients in the region.
The services include advisory, financing, global markets, and cross-border solutions.
BBVA has appointed its Middle East CIB head Eduardo Ortiz Gross as senior executive officer for the Abu Dhabi branch. He will oversee the bank’s activities across the region.
ADGM chief market development officer Arvind Ramamurthy said: “BBVA’s decision to deepen its presence in Abu Dhabi through ADGM underlines the growing importance of our jurisdiction as a gateway between the Middle East and global markets.
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By GlobalData“As more leading international banks choose ADGM to serve sovereign investors and financial institutions, we continue to build a robust ecosystem for sustainable finance and cross-border capital flows.
“We are pleased to welcome BBVA, with its strong track record in advisory and financing for transformational projects and look forward to seeing it support the region’s ambitious growth and transition agenda.”
BBVA, through a representative office, has been operating in Abu Dhabi since 2013.
With the new licence, the bank aims to strengthen its position as a strategic partner for clients and expand its client base in the Middle East.
BBVA’s CIB business works with institutional clients such as insurers, asset managers and financial sponsors through specialised teams.
The bank offers cross-border solutions in markets, financing and advisory services.
The opening of the BBVA ADGM branch is subject to final regulatory approval.
It is expected to enhance the bank’s ability to connect Middle Eastern clients with BBVA’s global network, including in Europe, the US, Mexico, and Turkey.
In March last year, BBVA entered a strategic whole portfolio agreement (WPA) with Cisco to access the latter’s software and customer experience (CX) portfolio.
