On March 28, the Fed published the results of its comprehensive capital analysis and review (CCAR) of the main financial institutions in the country. BBVA Compass was included in the list and received unqualified approval for its capital plan. In addition, the Fed has revealed that the bank complies with the minimum regulatory capital requirements in the hypothetical case of a severely adverse scenario, as determined by the regulator. The above demonstrates the solvency of BBVA’s subsidiary in the country and recognizes the soundness of the capital management policies and procedures of BBVA Compass.
BBVA has agreed the purchase for USD 117m of Simple, a U.S. company that has created a new model of digital banking. This operation is part of BBVA’s strategy to be a leader in the technological changes that are transforming the financial industry. Simple now has over 100,000 customers across the country, who are provided with a set of digital tools to rationalize their expenses and optimize saving. Customers are given a Simple Visa card, as well as advanced applications for Android and Apple, which include tools for saving and outstanding customer service. Simple will continue to operate under the same brand, with the same philosophy, and the same customer-centric approach.
The following are of note with respect to new products and services:
- Launch of the BBVA Compass Payroll Service to help business customers, especially those operating SMEs manage their payrolls via online banking. This service includes payroll automation, tax management and various tools that provide customizable reports.
- The new Secure Send digital service through which BBVA Compass customers can send money to 20 countries at any time thanks to the advantages offered by online and mobile banking.
The following projects are worth noting in terms of organic growth:
- Received regulatory approval to continue expansion of commercial loan production branches for the business segment in San Francisco, Los Angeles, Seattle, Nashville, Charlotte and Raleigh.
- Expanded the reach of BBVA Compass in Texas through an agreement that gives the bank branding rights to more than 300 ATMs located in H-E-B stores, the leading Texas-based grocery store chain.
Finally, in brand recognition and corporate responsibility, the highlights are:
- BBVA Compass has become the official sponsor of the Houston Dash, the newest member of the National Women’s Soccer League. In addition, BBVA Compass and Dash will work together on several community initiatives in Houston.
- BBVA Compass was among the four companies cited for high-quality sustainability reporting in The Corporate Citizen, Boston College’s Carroll School of Management magazine.
