Spanish banking giant BBVA has unveiled plans to enter Italy’s retail banking business by launching a digital retail banking arm in the country.
BBVA, which has had a wholesale banking business in Italy for over three decades, now plans to target retail customers through its digital offering.
BBVA CEO Onur Genç said: “Our value proposition aims to bring together the product offering and strength of a traditional bank with the customer experience of a digital player.
“Italy is a large market, which is undergoing a profound digital transformation. E-commerce, the use of mobile banking and card payments have grown double-digit in recent years, which provides great opportunities for growth.”
BBVA’s Italian customers will be offered a BBVA card, which will have no printed card number and CVV.
CVV will be generated through BBVA’s app every time the customer makes a purchase.
Other offerings and services include a fee/commission-free online debit card account, free transfers and 24/7 customer support.
Additionally, the app-based bank plans to offer financing services such as Pay&Plan, a BNPL service and Paycheck Advance, which allows customers to receive a part of their salary in advance.
Earlier this year, the lender announced plans to reduce its headcount by 2,935 people through layoffs and voluntary terminations in Spain.
BBVA also revealed plans to shutter 480 branches in Spain partly due to the growing demand and competition in the digital banking space.