Prime Highlights:
- BBVA secures ADGM approval to broaden its corporate and investment banking services in the Middle East.
- Eduardo Ortiz Gross appointed to lead BBVA’s Abu Dhabi branch, overseeing regional operations.
Key Facts:
- The new licence allows BBVA to offer advisory, financing, global markets, and cross-border solutions to institutional clients.
- BBVA has been operating in Abu Dhabi since 2013 through a representative office and aims to strengthen its regional presence.
Background:
BBVA is set to expand its corporate and investment banking (CIB) operations in the Middle East following approval from the Abu Dhabi Global Market (ADGM). The bank has received In-Principle Approval (IPA) from ADGM’s Financial Services Regulatory Authority (FSRA) to obtain a Category 4 licence.
The new licence lets BBVA offer more banking services to corporate and institutional clients, such as advisory, financing, global markets, and cross-border solutions. This will help BBVA grow in the region and support local clients better.
Eduardo Ortiz Gross, BBVA’s Middle East CIB head, has been appointed as the senior executive officer for the Abu Dhabi branch and will oversee the bank’s activities across the region.
Arvind Ramamurthy, Chief Market Development Officer at ADGM, stated that BBVA’s growth shows Abu Dhabi’s rising role as a link between the Middle East and global markets and welcomed the bank’s support for the region’s development plans.
BBVA has maintained a representative office in Abu Dhabi since 2013. With the new licence, the bank aims to increase its client base in the Middle East and connect regional clients with its global network, including Europe, the US, Mexico, and Turkey.
The bank’s CIB division serves institutional clients such as insurers, asset managers, and financial sponsors, offering specialised advisory, financing, and cross-border market solutions. The opening of the ADGM branch is subject to final regulatory approval.
