Who are BBVA's competitors, and what are the alternatives?
BBVA's 2025 Form 20-F names its rivals market by market. In Spain, 'Caixabank and Banco Santander are BBVA's main competitors', in a market where the five largest banks hold about 75% of loans; after an 18-month hostile bid, BBVA failed to win Sabadell in October 2025 when holders of only 25.47% of voting rights tendered. In Mexico, BBVA México is the largest of the 'G7' banks with Santander, Banorte, Banamex, HSBC, Scotiabank and Inbursa, with 25.6% of credit balances in October 2025, while eight entities including Revolut, Nu Bank and Klar were awaiting licences or ready to start operations; Nu México has since become a commercial bank, which Nu calls Mexico's largest digital bank with 16 million customers. In Turkey, where BBVA operates through Garanti BBVA, the three public banks held 37% of loans and private deposit banks 48% at the end of 2025. Across markets the 20-F says competition is increasingly asymmetric: private credit firms are taking share in corporate and SME lending, fintechs and online banks have increased competition in Spanish payments, and BigTechs such as Amazon, Facebook and Apple offer payments and credit, with digital platforms 'already eroding the Group's results in highly relevant markets such as payments'.[1][2][3]
Data as of Oct 20, 2026 · BBVA profile updated Oct 13, 2026 · computed tables recalculate from the 140 bank profiles on this site · Markdown
What does BBVA say about its competition?
BBVA's Form 20-F for 2025 (filed February 20, 2026), Item 4, "Competition": "Whereas commercial banks were previously almost the sole providers of the whole range of financial products, from credit to deposits, or payments and investment services, today, a set of non-bank digital providers compete (and cooperate) among each other and with banks in the provision of financial services. These new fintech providers can be startup firms that are specialized in a specific service or niche of the financial services market, or large digital players (known as BigTechs). BigTech companies such as Amazon, Facebook and Apple have also started to offer financial services (mainly, in relation to payments and credit) ancillary to their core business."[1]
On Spain: "Following the merger of Caixabank and Bankia in 2021, Caixabank is the largest bank in Spain in terms of total assets." "Caixabank and Banco Santander are BBVA's main competitors in the Spanish market. The aggregate market share in terms of loans of the five largest banks in Spain is approximately 75% according to the latest available data." And: "Competition has become increasingly asymmetric in the credit business. In addition to traditional banks, alternative financing providers—particularly private credit firms—have significantly increased their presence, competing with banks in the provision of credit to households and, above all, to corporates and SMEs." Also: "The entry of 'fintech companies' and online banks into the Spanish market for financial services has further increased competition, particularly in payment services."[1]
On Mexico: "The seven largest banks of the system (the 'G7 group', that comprises BBVA Mexico, Santander, Banorte, Banamex, HSBC, Scotiabank and Inbursa) held 70.6% of the total assets of banks in Mexico as of October 30, 2025", and "BBVA Mexico increased its participation in total credit balances from 25.4% to 25.6%". Eight entities "are either waiting for the approval of their license or ready to start operations within the banking sector: Revolut, Nu Bank, Klar, Masari Casa de Bolsa, Finsus, Konfío, and Plata Card."[1]
Risk factors, "The Group faces increasing competition and is exposed to a changing business model": "The markets in which the Group operates are highly competitive and it is expected that this trend will continue in the coming years with the increasing entry of non-bank competitors (some of which have large client portfolios and strong brand recognition) and the emergence of new business models (for example, neobanks...)" and "Digital platforms (such as those maintained by large technology or social media companies, and FinTechs) increasingly dominate access to data and control over digital interactions, and are already eroding the Group's results in highly relevant markets such as payments."[1]
Who competes with BBVA in each of its businesses?
| Business line | Competitor | Type | Why it competes |
|---|---|---|---|
| Spain | CaixaBank | Bank | BBVA's 2025 20-F names CaixaBank, the largest bank in Spain by total assets since its 2021 merger with Bankia, as one of its two main competitors in the Spanish market.[1] |
| Spain | Banco Santander | Bank | The 20-F names Santander with CaixaBank as BBVA's main competitors in Spain, and Santander is also a G7 rival in Mexico, where it gained share in total assets and credit in 2025.[1] |
| Spain | Banco Sabadell | Bank | BBVA spent almost 18 months on a €16.32 billion hostile bid for Sabadell that failed in October 2025 when holders of only 25.47% of voting rights tendered; the Spanish government had blocked a full merger for at least three years.[2][4] |
| Mexico (BBVA México) | Banorte | Bank | Banorte is a member of the G7 group of Mexican banks named in BBVA's 20-F and gained 0.1 point of credit share in 2025; it reorganised its digital strategy in April 2025, folding or selling its Bineo digital bank and buying out RappiCard with 15 years of exclusive rights to Rappi cards.[1][5] |
| Mexico (BBVA México) | Santander México | Bank | BBVA's 20-F says Santander was one of only two G7 banks to gain share of total assets in Mexico between December 2024 and October 2025, and also gained credit share.[1] |
| Mexico (BBVA México) | Banamex | Bank | Banamex, the local retail unit Citi split from, gained 0.3 point of total assets and 0.4 point of credit share in 2025, the largest gains in the G7 group, per BBVA's 20-F.[1][5] |
| Mexico (BBVA México) | Nu México | Fintech | BBVA's 20-F lists Nu Bank among entities awaiting a licence; Nu México became a commercial bank on August 6, 2026, which Nu describes as Mexico's largest digital bank with 16 million customers.[1][3] |
| Mexico (BBVA México) | Revolut | Fintech | BBVA's 20-F names Revolut first among the entities waiting for a licence or ready to start banking operations in Mexico; Revolut reported 68.3 million retail customers worldwide in its 2025 annual report.[1][6] |
| Mexico (BBVA México) | Scotiabank (Mexico) | Bank | Scotiabank is in Mexico's G7 group and, per BBVA's 20-F, had the largest drop in deposit share (-0.3 point) between December 2024 and October 2025, while BBVA México had the largest gain (+0.4).[1] |
| Mexico (BBVA México) | HSBC (Mexico) | Bank | HSBC is a member of the G7 group of Mexican banks and lost credit share in 2025, according to BBVA's 20-F.[1] |
| Corporate and SME lending | Private credit firms | Non-bank lender | BBVA's 20-F says private credit firms have significantly increased their presence in Spain, competing with banks in lending to households and above all to corporates and SMEs, gaining share through speed of execution and flexible structuring, especially in mid-market corporate lending.[1] |
| Corporate and SME lending | Former savings banks and credit cooperatives | Credit union | The 20-F says BBVA faces competition 'from other commercial banks, former savings banks and, to a lesser extent, credit cooperatives across all types of loans and deposits' in Spain.[1] |
| Payments and digital platforms | Apple | Big tech | BBVA's 20-F names Apple, with Amazon and Facebook, among BigTech companies offering financial services, mainly payments and credit, ancillary to their core business, and says digital platforms are already eroding its results in payments.[1] |
| Payments and digital platforms | Amazon | Big tech | Named in BBVA's 20-F as a BigTech offering payments and credit; BBVA argues such players compete under activity-specific regulation while banks face prudential rules across all activities.[1] |
| Payments and digital platforms | Fintechs and online banks in Spain | Fintech | The 20-F says the entry of fintech companies and online banks into the Spanish market has further increased competition, particularly in payment services.[1] |
How do the AI and digital offerings of BBVA's competitors compare?
BBVA first, then each competitor. Use-case counts, index scores and latest moves are computed from our profiles of each company; "No profile" means this site has no page on it yet.
| Company | AI or digital offering | On the record (our profiles) | Latest dated AI move |
|---|---|---|---|
| BBVA (this page) | ChatGPT Enterprise, BBVA Assistants and The Eight[7][8][9][10][11][12][13][14] | Index 77.2 (#27); 19 use cases, 12 in production | First European bank to join the Poppy agent protocol (Oct 13, 2026)[15] |
| CaixaBank | Not disclosed | No profile | Not disclosed |
| Banco Santander | AI access for all 185,000 employees; €84 million of AI business value in H1 2026[16][17] | Index 71.3 (#46); 19 use cases, 11 in production | Santander AI Lab releases the A2K protocol suite (Sep 23, 2026)[18] |
| Banco Sabadell | Not disclosed | No profile | Not disclosed |
| Banorte | Not disclosed | No profile | Not disclosed |
| Santander México | Group Data & AI function inside ONE Transformation, with a multi-provider model stack[16][19][20] | Index 71.3 (#46); 19 use cases, 11 in production | Santander AI Lab releases the A2K protocol suite (Sep 23, 2026)[18] |
| Banamex | Not disclosed | No profile | Not disclosed |
| Nu México | nuFormer foundation model in production for credit-card underwriting in Brazil and Mexico[21] | 7 use cases, 5 in production | Nu says it is not pursuing a Monzo deal (Sep 30, 2026)[22] |
| Revolut | AIR (AI by Revolut)[23][24][25] | 7 use cases, 5 in production | OCC grants conditional approval for a US national bank charter (Sep 3, 2026)[26][27] |
| Scotiabank (Mexico) | Scotia Intelligence and Scotia Navigator[28][29][30][31][32] | Index 75.5 (#33); 17 use cases, 12 in production | Evident AI Index 2026: 30th of 50 (Oct 6, 2026)[33] |
| HSBC (Mexico) | HSBC Productivity Suite and the central AI platform[34][35][36][37][38] | Index 88.5 (#6); 21 use cases, 9 in production | AI-agent micropayment test with Ant Digital (Oct 9, 2026)[39] |
| Private credit firms | Not disclosed | No profile | Not disclosed |
| Former savings banks and credit cooperatives | Not disclosed | No profile | Not disclosed |
| Apple | Not disclosed | No profile | Not disclosed |
| Amazon | Not disclosed | No profile | Not disclosed |
| Fintechs and online banks in Spain | Not disclosed | No profile | Not disclosed |
Who should look beyond BBVA, and where?
| If you are | Look at | Why |
|---|---|---|
| Spanish customers who want the largest bank in Spain by assets | CaixaBank | BBVA's 20-F says CaixaBank has been the largest bank in Spain by total assets since its 2021 merger with Bankia, and names it with Santander as BBVA's main Spanish competitors.[1] |
| Mexican customers who want an app-only bank | Nu México | Nu México converted to a commercial bank on August 6, 2026 and describes itself as Mexico's largest digital bank with 16 million customers. BBVA México is the largest bank in the G7 group with 25.6% of credit balances.[3][1] |
| Mid-market companies that want faster, more flexible structured financing | Private credit funds | BBVA's 20-F says private credit firms have gained market share in Spain through speed of execution, flexible structuring and tailored solutions, especially in mid-market corporate lending and complex financing.[1] |
| Customers who want a bank with a global footprint across Europe and the Americas in one group | Santander | Santander is BBVA's main rival in both Spain and Mexico, per BBVA's 20-F, and reports giving AI access to all 185,000 employees across its markets in June 2026.[1][16] |
| Travellers and expats who want a multi-currency app | Revolut | Revolut reported 68.3 million retail customers worldwide in its 2025 annual report and is listed in BBVA's 20-F among entities preparing to operate as banks in Mexico.[6][1] |
How did BBVA México's market share move against the other G7 banks in 2025?
Changes between December 2024 and October 2025 as BBVA's 20-F reports them. The G7 group held 70.6% of Mexican bank assets.
| Measure | BBVA México | Gainers | Losers |
|---|---|---|---|
| Share of total assets | Down 0.6 point (largest drop) | Banamex +0.3; Santander +0.1 | Five of seven G7 banks fell[1] |
| Share of credit balances | 25.4% to 25.6% | Banamex +0.4; Santander +0.2; Banorte +0.1 | HSBC, Scotiabank and Inbursa[1] |
| Share of deposits | +0.4 point (largest gain) | BBVA México | Scotiabank -0.3 (largest drop); four G7 banks lost share[1] |
| New entrants | Not applicable | Revolut, Nu Bank, Klar and others awaiting licences or ready to operate | Nu México became a bank on August 6, 2026[1][3] |
Who does Garanti BBVA compete with in Turkey, and how much do BBVA's markets contribute?
BBVA operates in Turkey through Garanti BBVA. Its 20-F says the three public banks accounted for 37% of loans of financial institutions as of December 26, 2025, private deposit banks including Garanti BBVA for 48%, and development and participation banks for the remaining 15%. Garanti BBVA's assistant Ugi handles about 6.4 million interactions a month with 1.6 million active users.[1][40]
Reuters reported that BBVA's first-quarter 2026 profit rose 10.8%, with Spain up 8.1%, Mexico up 9.3% and Turkey up 66%; the group cut 750 staff through voluntary redundancies, including 230 in Spain. After the Sabadell offer lapsed, BBVA's announcement pointed to share buybacks and its 2025-28 strategic plan.[41][4]
Who are BBVA's biggest competitors?
In Spain, CaixaBank and Santander, which BBVA's 2025 20-F names as its main competitors. In Mexico, the other G7 banks: Santander, Banorte, Banamex, HSBC, Scotiabank and Inbursa, plus new entrants such as Nu and Revolut. In Turkey, the three public banks and other private banks. The 20-F also names private credit firms and BigTechs such as Amazon, Facebook and Apple.[1]
Is Santander a competitor of BBVA?
Yes, in its two largest markets. BBVA's 20-F names Santander with CaixaBank as its main competitors in Spain, and Santander is one of the G7 banks in Mexico, where it gained share of assets and credit between December 2024 and October 2025.[1]
What happened to BBVA's bid for Sabadell?
It failed. On October 16, 2025 BBVA said holders of only 25.47% of Sabadell's voting rights had tendered, below even the 30% threshold it could have accepted, ending an almost 18-month hostile bid worth €16.32 billion. The government had blocked a full merger for at least three years.[2][4]
Is Nubank a competitor of BBVA in Mexico?
Yes. BBVA's 20-F lists Nu Bank among entities preparing to operate as banks in Mexico, and Nu México became a commercial bank on August 6, 2026, describing itself as Mexico's largest digital bank with 16 million customers. BBVA México holds 25.6% of credit balances.[1][3]
Who is the largest bank in Spain?
By total assets, CaixaBank, since its 2021 merger with Bankia, according to BBVA's 20-F. The five largest Spanish banks hold about 75% of loans, and BBVA names CaixaBank and Santander as its main competitors there.[1]
Does big tech compete with BBVA?
BBVA says so. Its 20-F names Amazon, Facebook and Apple among BigTechs offering payments and credit, and says digital platforms of technology and social media companies and fintechs are already eroding the group's results in payments. BBVA argues these players face lighter, activity-specific regulation.[1]
Do private credit funds compete with BBVA?
BBVA says so. Its 2025 20-F says private credit firms have significantly increased their presence in Spain, competing with banks in lending to households and above all to corporates and SMEs, and have gained share through speed of execution and flexible structuring, especially in mid-market corporate lending.[1]
Is Revolut a competitor of BBVA?
Increasingly. BBVA's 20-F lists Revolut first among eight entities waiting for a licence or ready to start banking operations in Mexico, and says fintechs and online banks have increased competition in Spanish payments. Revolut reported 68.3 million retail customers worldwide in its 2025 annual report.[1][6]
Who competes with Garanti BBVA in Turkey?
The three Turkish public banks, which held 37% of loans of financial institutions at the end of 2025, and the other private deposit banks, which together with Garanti BBVA held 48%, according to BBVA's 20-F. Development and participation banks held the remaining 15%.[1]
- Form 20-F annual report for the fiscal year ended December 31, 2025
- BBVA fails in $19 billion takeover battle for Sabadell
- Nu Mexico to operate as a bank from August 6
- BBVA to Accelerate Shareholder Remuneration Following the Lapse of its Offer for Banco Sabadell
- Mexican lender Banorte to scrap unprofitable digital bank
- Revolut Group Holdings Ltd, Annual Report 2025
- BBVA and OpenAI collaborate to transform global banking
- BBVA and OpenAI Seal a Strategic Alliance to Redefine Banking with Artificial Intelligence
- BBVA deepens partnership with Google Cloud to innovate with AI
- BBVA puts AI at the core of banking with OpenAI
- BBVA call centre staff develop and deploy AI agents to speed up response times
- BBVA develops a new technology architecture with AWS to accelerate its AI solutions
- BBVA deploys 'The Eight,' its strategy to transform the financial experience with AI
- BBVA Accelerates Its Artificial Intelligence Strategy With A Global Area: AI Transformation
- BBVA will help design a common protocol led by Sierra AI and Meta to connect AI agents with businesses
- Santander turns its AI-first strategy into measurable impact and extends AI access to all 185,000 employees
- Santander adds 12 million customers as underlying profit rises 15% to €7.3 billion in the first half
- A2K: a new protocol suite for connecting AI agents to governed, auditable enterprise knowledge
- 2025 Annual report
- Driving our transformation with the creation of the Global Data & AI function
- Nubank's quarterly income hits $1 billion for the first time
- Nu Holdings Ltd. Form 6-K: Statement Regarding Media Reports
- Revolut enters new era of money intelligence with launch of AI assistant
- Revolut Announces Launch of Dedicated AI Research Division: Revolut Research
- Revolut Rolls Out AI Assistant for Daily Financial Tasks
- Revolut Receives Conditional Approval from U.S. Office of the Comptroller of the Currency to Form a National Bank
- Revolut wins US charter with limits on four products
- Scotiabank Launches Scotia Intelligence, Empowering Employees and Accelerating Enterprise AI Adoption
- Scotiabank Accelerates Enterprise Adoption of AI with New Scotia Intelligence Capabilities
- Scotiabank Equips Employees with AI-Powered Knowledge Agents Through Scotia Intelligence
- Bank Nova Scotia Halifax Pfd 3 (BNS) Q2 FY2026 earnings call transcript
- Scotiabank Equips Global Staff With New Scotia Intelligence AI
- TD's AI returns help put it back into the top 10 in this global bank index
- Annual Report and Accounts 2025
- HSBC announces David Rice as its first Chief AI Officer
- HSBC and Mistral AI join forces to accelerate AI adoption across global bank
- HSBC and Google Cloud Announce Transformative AI Banking Partnership
- Transforming HSBC with AI | HSBC and Digital (undated page, retrieved 2026-10-05)
- Ant Digital Technologies and HSBC announce successful AI agent micropayment technical verification test
- Garanti BBVA's smart assistant Ugi turns 10: AI transforming banking
- BBVA profit boosted by Mexico, provisions raised due to Middle East conflict
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