|Date joined:||1 March, 2021|
|Subsidiary of:||BBVA (Parent Organization)|
|Initiatives:||Principles for Responsible Banking|
BBVA USA Bancshares Inc., is a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a customer-centric global financial services group founded in 1857. Headquartered in Houston, Texas, BBVA USA Bancshares is a Sunbelt-based holding company whose principal subsidiary, BBVA USA, operates branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. BBVA USA ranks among the top 25 largest U.S. commercial banks based on deposit market share. BBVA is used as a trade name for the US bank.
BBVA provides financial solutions that fit with the lives of our customers. They offer traditional credit and deposit products, Small Business Administration (SBA) loans, treasury management, leasing, accounts receivable purchasing, asset based lending, international services, insurance, interest-rate protection and investment products, specialized investment portfolio management, traditional trust and estate services, investment advisory services and financial counselling.
Summary of sustainability strategy
The BBVA USA Sustainability Strategy is in alignment of the BBVA Group Sustainability Strategy.
On February 28, 2018, BBVA Group announced Pledge 2025 – its commitment to the fight against climate change, which contributes to the fulfillment of both the United Nations Sustainable Development Goals (SDGs) and the challenges set forth in the Paris Agreement on Climate. Pledge 2025 is based on three lines of action:
o Financing: BBVA commits to mobilize €100 billion globally in green financing, sustainable infrastructure and agribusiness, entrepreneurship and financial inclusion.
o Managing the social and environmental risks associated with the bank’s activities to minimize potential direct or indirect negative impacts.
o Engaging all stakeholder groups to collectively propel the financial sector’s contribution to sustainable development.
In 2019, BBVA carried out a strategic review process to continue its transformation, adapting itself to the major trends reshaping the world and the financial services industry. Two main trends identified at that time were: the fight against climate change and the growing relevance of social inclusion. As a consequence, the strategic plan approved by BBVA Group’s Board of Directors in 2019 seeks to accelerate this transformation and achievement of its purpose, “To bring the age of opportunity to everyone.” The plan consists of six strategic priorities, one of which is “helping our clients transition toward a sustainable future,” which was inspired by the Sustainable Development Goals ( SDGs) adopted by the United Nations. It mirrors other supranational agencies focused on climate change, as well as inclusive and sustainable social development.
Climate Action. – Mobilization of investments required to tackle the challenge of climate change in accordance with;
o SDG 7 Affordable Clean Energy
o SDG 12 Responsible Consumption Production
o SDG 13 Climate Action
Three categories for business initiatives;
o Energy efficiency
o Circular economy
o Reduction of carbon emissions
Inclusive Growth. – Mobilization of investments required to build inclusive infrastructures and supporting an inclusive economic development, in accordance with;
o SDG 8 Decent Work and Economic Growth
o Industry, Innovation and Infrastructure
Three categories for business initiatives;
o Provide access to financial services to unbanked population mainly through basic digital solutions
o Inclusive infrastructure, including basic services and transportation systems
o Support for entrepreneurs, and promotion of economic growth and full and productive employment
Banks play a key role in society. BBVA USA success and ability to continue being profitable and relevant is intrinsically dependent on the prosperity of the societies they serve over the long-term. They believe that their clients, users, and businesses can only prosper in an inclusive society based on human dignity, equality and the sustainable use of natural resources. Therefore, with these principles, they want to assume a leading role and promote their products, services and relationships in order to support and accelerate the fundamental changes that are needed in our economies and lifestyles so that current and future generations can achieve a shared prosperity.