At the same time, the bank has strengthened its position in the institutional segment, with a particular focus on banks and asset managers. “These are highly sophisticated clients with complex needs,” notes Ramírez. “Products such as monetisations or margin loans, developed locally, have been very well received and have enhanced our global product capabilities.”

This progress has been made possible by combining global capabilities with a deep understanding of the local context. “We’re not looking to replicate models, we aim to adapt them to the Brazilian market,” Ramírez explains. “This has translated into a clear commitment to local talent, we now have a team of over 75 employees.” São Paulo has also been established as a key regional operational hub. From this base, BBVA coordinates with companies that centralise their Latin American financial decision-making in Brazil, with multinational subsidiaries already working with the bank in other geographies, and with leading Brazilian corporates. It also maintains strong institutional activity with the country’s major banks.

In parallel, local operations have progressed in local operations, including onshore booking, alongside the development of trade finance solutions, where eleven transactions have already been closed and a recurring deal flow is beginning to take shape. In addition, BBVA is increasing its quoted volumes in Global Markets, which will enable the bank to generate a continuous stream of activity, alongside the planned launch of cross-currency swap operations by year-end.

Sustainability and specialised solutions

One of the key growth pillars in Brazil has been the ability to offer solutions tailored to each client’s needs, both in terms of sustainability and innovative financial product development. BBVA works closely with BNDES, the country’s national development bank and a leading institution in sustainability and the energy transition.

The bank has also supported companies such as Aegea and Localiza in sustainability-linked financing, while introducing structured products such as monetisations and margin loans aimed at institutional clients. Highlights include collaborations with Itaú, with transactions exceeding USD 600 million year-to-date, and the MIGA Trade Loan with Banco do Brasil, amounting to USD 200 million. “These transactions reflect a flexible, technically robust value proposition designed around each client’s needs,” adds Ramírez. “That’s where the strength of our capabilities and the quality of our service lie.”

Mid-term outlook

Looking ahead, BBVA aims to consolidate a solid and profitable franchise aligned with the Group’s strategic goals in Latin America. Beyond balance sheet growth, the focus is on continuing to develop a relationship-driven banking model, where trust, proximity and responsiveness form the foundation of client engagement.

“Our ambition is to keep building long-term relationships with our clients, understanding their challenges and supporting them in their transformation journeys,” Ramírez affirms. In a landscape where several international banks are shifting towards more standardised models, BBVA sees an opportunity to differentiate through flexibility, sector expertise and a long-term collaborative culture.

“Our ambition is to keep building long-term relationships with our clients, understanding their challenges and supporting them in their transformation journeys”

The bank also expects to offer its first cash management products by mid-2026, while continuing to strengthen its capabilities in Global Markets products, corporate lending (short- and long-term) and credit solutions.

“We want to be relevant not through volume, but through value-added, sustainability focus and execution capabilities. Our commitment to Brazil is not cyclical, it is structural, and stems from a strong conviction that this market is key to the future of our clients and of the Group itself,” she concludes.

Ultimately, the commitment to Brazil reflects a long-term, relational and sustainable approach to a strategic and rapidly transforming geography. “We know it’s not an easy market: competition is intense, banking penetration is high, and clients are extremely sophisticated. Precisely for those reasons, we believe we can make a real difference,” Ramírez concludes.