BBVA Provincial
{{short description|Venezuelan bank}}
{{Expand Spanish|date=October 2019}}
{{Infobox company
| name = BBVA Banco Provincial S.A.
| logo = BBVAprovinciallogo.svg
| image = Torre Provincial 1.jpg
| image_caption = Banco Provincial Building Headquarters in Caracas.
| type = Public
| traded_as = BVC: [http://www.bolsadecaracas.com/eng/productos/dinamica/operaciones-light.jsp?symbol=BPV BPV]
| foundation = 1953
| location = Caracas, Venezuela
| key_people = Leon Henrique Cottin (Chairman)
Pedro Rodríguez Serrano (CEO)
| industry = Financial services
| products = Finance and Insurance
| parent = BBVA
| num_employees = 5,775
| homepage = [http://www.provincial.com/ www.provincial.com]
| revenue = {{profit}} US$928.0 million (2008)
| net_income = {{profit}} US$376.4 million (2008)
| assets = {{profit}} US$8.1 billion (2007)
| foot_notes =
}}
BBVA Provincial (BVC: [https://web.archive.org/web/20061230062956/http://ve.invertia.com/empresas/detalle.aspx?idtel=RV033BPV BPV]) (formerly BBVA Banco Provincial) is a financial institution in Venezuela.
History
Founded on October 15, 1953, in Caracas, Venezuela, as Banco Provincial with a capital of Bs. 15,000,000. In November 1996, Banco Provincial became the first universal bank in Venezuela by expanding its business objectives to include activities of specialized banking.
In 1997, Spain’s Banco Bilbao Vizcaya (now Banco Bilbao Vizcaya Argentaria) acquired the majority of shares as a strategy of expansion into Latin America. BBVA's entry in Venezuela coincided with Hugo Chávez' presidential election.{{Cite web |last=lainformacion.com |date=2019-05-01 |title=BBVA y Venezuela: de ganar 300 millones a perder dinero durante la etapa Maduro |url=https://www.lainformacion.com/empresas/bbva-venezuela-millones-perder-dinero-maduro/6498926/ |access-date=2023-03-07 |website=La Información |language=es}}
Once Nicolás Maduro came to power in Venezuela, the bank's benefits dropped from 369 million euros in 2013 to -13 million euros in 2017. While Banco Santander shut its Venezuelan operations in 2009, BBVA chose to maintain theirs despite the economic crisis.{{Cite news |date=2018-04-24 |title=Venezuelan banks shrivel as inflation roars and credit dries up |language=en |work=Reuters |url=https://www.reuters.com/article/us-venezuela-banks-idUSKBN1HV1GO |access-date=2023-03-07}}
References
External links
- [http://www.provincial.com/ Official site (Spanish)]
- [http://www.bbva.com BBVA official site (Spanish)]
{{Portal|Banks}}
{{Banco Bilbao Vizcaya Argentaria}}
{{IBC companies}}
Category:Banco Bilbao Vizcaya Argentaria
Category:Banks established in 1953
Category:Companies listed on the Caracas Stock Exchange
Category:Companies in the Índice Bursátil de Capitalización
Category:Venezuelan companies established in 1953
Category:Companies based in Caracas
Category:Venezuelan subsidiaries of foreign companies
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