Spanish banking giant BBVA (BME:BBVA) has announced the integration of its three tech subsidiaries - BBVA Next Technologies, BBVA IT España, and Datio into a unified entity, BBVA Technology. The merger, announced on Monday, is set to take effect next year and will unite around 3,000 employees across offices in Madrid, Barcelona, and Bilbao. The new consolidated company will be led by Ricardo Jurardo.
The primary objective of this amalgamation is to strengthen the bank's technical prowess while introducing new professional growth opportunities. The move will also help evolve towards a single brand identity, streamline operations, and create a fresh value proposition. Software development transformation has been identified as a strategic priority by BBVA Engineering and will be the core focus of the new entity.
In the context of BBVA's performance, InvestingPro Data reveals that the bank has a market capitalization of 47.08 billion USD and a P/E ratio of 6.33, indicating that it is trading at a low earnings multiple. The bank has also seen a revenue growth of 23.85% and a return on assets of 1.07%, underscoring its financial health.
InvestingPro Tips also highlights that BBVA is a prominent player in the Banks industry, consistently increasing its earnings per share. The bank has maintained dividend payments for 33 consecutive years, further demonstrating its stability and commitment to shareholders.
In addition to internal restructuring, BBVA is also planning a significant talent acquisition strategy. It intends to hire over 2600 STEM professionals from around the world via its jobs portal. This global recruitment initiative is part of the firm's broader strategy to reinforce satisfaction and loyalty among current teams while attracting new talent.
As one of the globally recognized tech-focused banks, BBVA's latest move underscores its commitment to augmenting its technical expertise and enhancing career development opportunities for its teams. This commitment, coupled with its strong financial performance as indicated by InvestingPro Data, makes BBVA a company to watch in the banking industry.
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