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    Cecilia Romero Reyes

    Vice President and Equity Research Analyst at Barclays

    Cecilia Romero Reyes is a Vice President and Equity Research Analyst at Barclays, specializing in European financials with a focus on major Spanish banks. She covers key institutions such as Banco Santander, BBVA, and Unicaja Banco, earning recognition for her in-depth research and actionable investment calls, such as upgrading BBVA to Overweight with a price target of EUR 18 and raising Flutter's price target to $352. Since joining Barclays, she has become noted for accurate forecasts on earnings progression and sector trends, consistently providing coverage that has influenced investor perceptions across the European banking landscape. Romero Reyes began her career in equity research and has rapidly progressed within Barclays, holding relevant professional credentials and delivering robust coverage grounded in both quantitative and qualitative analysis.

    Cecilia Romero Reyes's questions to CaixaBank/ADR (CAIXY) leadership

    Cecilia Romero Reyes's questions to CaixaBank/ADR (CAIXY) leadership • Q1 2025

    Question

    Cecilia Romero Reyes from Barclays asked about the ECB deposit rate assumption underpinning the 2025 NII outlook, whether NII sensitivity has changed, and the expected timing of the 2024 bank tax payment.

    Answer

    Gonzalo Gortázar Rotaeche (executive) stated that the company does not see a real risk of two bank tax payments in one year, as all parties want to avoid that outcome. Javier Pano Riera (executive) confirmed his NII comments are based on the current yield curve, which prices a terminal rate around 1.60%. He also clarified that recent ALCO actions were taken to maintain, not reduce, the bank's NII sensitivity target.

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

    Cecilia Romero Reyes's questions to Banco Santander (SAN) leadership • Q1 2025

    Question

    Cecilia Romero Reyes asked a follow-up question on Mexico, specifically about the potential competitive impact from Nu gaining a full banking license, particularly on Santander's digital banking efforts.

    Answer

    Executive Hector Blas Grisi Checa framed Nu's new license as 'pretty good news,' as it means the competitor must now operate under the same banking regulations as Santander. He expressed confidence that Santander has all the necessary tools to compete effectively in what is already a very tough market.

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    Cecilia Romero Reyes's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership

    Cecilia Romero Reyes's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership • Q4 2024

    Question

    Cecilia Romero Reyes from Barclays inquired about BBVA's latest FX hedging strategy and how a potential exit of HSBC from Mexico could impact the competitive landscape.

    Answer

    Executive Maria Gomez Bravo detailed the FX strategy, noting they hedge ~62% of excess capital in Mexico and 60% of forward P&L. Executive Onur Genç declined to comment on rumors about HSBC but asserted that BBVA's Mexican franchise is uniquely strong, with a high Net Promoter Score of 70 and a growing market share of 25.4%, enabling it to compete effectively under any circumstances.

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