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BBVA is weighing cost-cutting plan in Spain, could take action in 2021

MADRID, Jan 29 (Reuters) - Spain’s BBVA is considering implementing cost-cutting plans in low growth geographies, especially in Spain, its chief executive officer, Onur Genc, told analysts in a conference call on Friday.

“Given the accelerating trend that we are seeing in the servicing side, we are very committed to exploring different options, evaluating all alternatives specially in low growing geographies, and specially in Spain, at the corporate centre,” Genc said.

“As we are exploring alternatives we will come up with a plan ... and we will be taking action in first half of 2021,” he said.

Banks in Europe are considering different options to cut costs, either through consolidation or an a standalone basis, as the grapple with the effects from the COVID-19 pandemic an ultra low interest rates. (Reporting by Jesús Aguado and Emma Pinedo; editing by Ingrid Melander)

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