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    Ignacio Cerezo

    Research Analyst at UBS Group

    Ignacio Cerezo is an Executive Director and Senior Equity Analyst at UBS Group specializing in European banking and financial institutions, with coverage focused on major players such as Banco Santander, UniCredit, and CaixaBank. He is known for his in-depth analysis and investment recommendations, maintaining a visible performance track record including frequent price target updates and ratings for high-profile European banks. Cerezo began his financial analyst career prior to joining UBS, with a background that includes other leading financial institutions, and he has built a reputation for rigorous research and sector expertise. He holds professional credentials expected for a senior research analyst at a global investment bank, including relevant securities licenses and regulatory registrations.

    Ignacio Cerezo's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership

    Ignacio Cerezo's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership • Q2 2025

    Question

    Ignacio Cerezo from UBS asked if the strategic plan's ROTE calculation assumes the full €36 billion capital distribution. He also inquired about the potential competitive impact on BBVA's Mexican business, specifically on deposit costs, from Nubank receiving a banking license.

    Answer

    CEO Onur Genç confirmed the ROTE calculation assumes excess capital is distributed annually to maintain the 12% CET1 target, starting in 2026. Regarding Nubank in Mexico, he acknowledged them as a strong competitor but expressed confidence in BBVA's ability to compete, citing its dominant 44% market share in payrolls and a large, stable retail deposit base that is less sensitive to pure price competition.

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    Ignacio Cerezo's questions to Banco Santander (SAN) leadership

    Ignacio Cerezo's questions to Banco Santander (SAN) leadership • Q2 2025

    Question

    Ignacio Cerezo asked for the geographic and business drivers of the profit growth needed in H2 to meet full-year guidance, considering currency headwinds. He also requested color on the regulatory impacts being postponed to 2026.

    Answer

    CEO Héctor Grisi Checa expressed confidence in meeting targets, citing improving momentum in Consumer, continued strength in Payments and Wealth, and a potential rebound in CIB, providing specific revenue growth expectations. CFO José García Cantera added that the 'other results' line should also improve. Regarding regulation, he noted the postponed impact relates to an SME model recalibration in Spain and that it's too early for a full 2026 outlook.

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