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BBVA cuts account opening requirements for expanding companies by 70%

Tuesday 22 August 2023 10:45 CET | News

Spain-based bank BBVA has implemented a business banking service model that speeds up account opening for multinationals when they expand to new countries.

 

The new ‘Cross-Border’ model from BBVA reduces the requirements for opening non-resident accounts by up to 70%, thus shortening the time required to set up new subsidiaries. BBVA Business Banking already works with more than 120,000 subsidiaries of business groups in 14 countries.

BBVA has implemented a business banking service model that speeds up account opening for multinationals when they expand to new countries.

Navigating international markets with ease

Expanding into international markets represents an important step in a company's lifecycle. Overcoming the challenges of cross-border operations, such as securing credit lines for overseas branches or listing on foreign stock exchanges, requires the support of a global financial partner.

To cater to the requirements of multinational enterprises, BBVA Business Banking presents a comprehensive ‘Cross-Border’ framework across its 14 operational countries. This framework enables both the entire business conglomerate and individual local subsidiaries through three catalysts: optimised protocols, an extensive team of specialists, and a diverse array of technological and informational solutions.

Officials from BBVA said they leverage one of their key strengths, the globality that comes from operating in 14 countries, to become the travel companion of choice for their clients, supporting them in their strategic decisions. Their goal is to make their clients feel like they are operating with a single global bank rather than working with different local banks in each country.

Less paperwork, more people who can help

BBVA offers its clients an exclusive ‘fast-track’ process, which cuts down on the time and paperwork required to open an account for non-residents. Hague Apostilles, translations, and in-person signatures are some of the usual requirements to expand to other countries, which BBVA have managed to slim down by 70% with their pioneering fast-track service, as per the press release. Therefore, they have shortened the time required for a company to complete the start-up procedures for a new subsidiary.

To streamline liaison between the different countries, the bank also relies on a robust network of more than 2,500 business banking managers, who coordinate the financial activity of more than 120,000 subsidiaries of business groups in Argentina, Belgium, Colombia, Spain, France, the Netherlands, Mexico, Peru, Portugal, the United Kingdom, Romania, Turkey, Uruguay, and Venezuela.

The network comprises three key figures: a global manager, who is the main point of contact for the business group, local managers in each of the countries in which the company is present, who work hand in hand with the global manager, and an international coordinator, who specialises in cross-border requirements.

Commitment to internationalisation

In an increasingly global environment, companies with a growth mindset are opting for an international bank like BBVA, where the volume of business in its business banking area is growing at double-digit annual rates, the company says. Its offer of financial and collateral products and services for expansion in foreign markets and its solutions to mitigate the risks arising from international business have made it one of the segments with a high impact on the BBVA Group's growth rate.


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Keywords: bank account, expansion, cross-border logistics, digitalisation, banks
Categories: Banking & Fintech
Companies: BBVA
Countries: World
This article is part of category

Banking & Fintech

BBVA

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