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    Cecilia Romero • Barclays Corporate & Investment Bank

    Cecilia Romero's questions to Banco Bilbao Vizcaya Argentaria SA (BBVA) leadership

    Cecilia Romero's questions to Banco Bilbao Vizcaya Argentaria SA (BBVA) leadership • Q2 2025

    Question

    Cecilia Romero from Barclays asked for visibility on the phasing of synergies from the Sabadell transaction, given recent government announcements, and inquired about the expected development of net profit in Turkey over the course of the new strategic plan.

    Answer

    CEO Onur Genç described the Sabadell deal as a 'delayed merger scenario' and stated that detailed synergy phasing would be provided in September after the prospectus is published. He projected that Turkey would contribute approximately 10-12% of the group's cumulative €48 billion profit target over the four-year plan.

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    Cecilia Romero's questions to Banco Santander SA (SAN) leadership

    Cecilia Romero's questions to Banco Santander SA (SAN) leadership • Q2 2025

    Question

    Cecilia Romero inquired about the cost of risk outlook in Spain, the dynamics of Spanish NII relative to guidance, and asked for comment on the Mexican antitrust regulator's investigation into credit card fees.

    Answer

    CEO Héctor Grisi Checa declined to comment on the ongoing legal matter in Mexico. For Spain, he noted the cost of risk is improving in a strong economy. CFO José García Cantera upgraded the NII guidance for Spain, now expecting a decline of 4-5% for the year versus a prior 6-7%, citing 'extremely good deposit cost management' as the primary driver for the better-than-expected performance.

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