On a visit to the country, the CEO of BBVA in Switzerland, Alfonso Gómez, revealed to Management that one of the lines of business offered by the bank under his command is the execution of purchase and sale orders (execution-only) of assets traditional, but also digital.
Thus, private banking clients of BBVA Peru can access the purchase and sale of bitcoin y ethereum through the platforms of BBVA Switzerland, from US$ 10,000.
“BBVA Switzerland has become the first Tier 1 bank (indicator of financial strength) in the euro zone that has this value proposition with the two most important Blockchain technology protocols in the world, which are bitcoin and ethereum”, Gomez indicated.
value capture
The BBVA Group’s decision to venture into the world of digital assets responds to its philosophy of seeking where the new opportunities lie today in order to offer them to its customers.
“We understand as a group and as BBVA Switzerland that Blockchain technology is going to generate much more effective, faster and more efficient interoperability with customers. We have to have the ability to capture that value and pass it on to our customers,” said the CEO.
Bitcoin is a very volatile asset. After hitting a peak of US$64,400 in November 2021, today it is trading at US$20,000.
In digital assets, BBVA Switzerland does not provide advisory or discretionary management services, as clients who invest in cryptocurrencies are expected to have some degree of specialization, the executive said.
Combination
He highlighted that clients are very attracted by the possibility of being able to combine their portfolio of traditional and non-traditional assets in a single financial institution. “This is quite a groundbreaking proposal,” he stressed.
He estimated that traditional banks will gradually enter the world of digital assets. “In fact, there is a very important part of American banks that are already participating in this new space,” said the banker.
But he acknowledged that banking is still in a learning process from the crypto assets and attentive to the adjustments made to the regulation.
Bonus Opportunities
From the economic point of view, today the world is in a complex situation, since the indebtedness of the US and European economies is at maximum levels, said Alfonso Gómez, CEO of BBVA in Switzerland. In addition, bonds have suffered setbacks not seen in markets since the late 1800s, he added.
In this context, BBVA Switzerland sees opportunities in investment grade corporate bonds (with a better credit rating).
“Going to very low risk profiles, we do see investment opportunities in the fixed income environment with an investment grade corporate underlying, well diversified with more than 250 names that can have returns between 5% and 5.3%”, said Gómez. .
Such a perspective entails more benign inflation scenarios in the long term, he said.
Given
Caveat. This note is for informational purposes. Management is a means of communication, it does not promote, endorse or recommend any investment in particular. Investments in crypto assets are not regulated in some countries.
