Thomas Grant: "BBVA has done an excellent job of rolling out a top tier service of delivering Latam expertise to European and US clients" September 15, 2014
Thomas Grant: "BBVA has done an excellent job of rolling out a top tier service of delivering Latam expertise to European and US clients"
Thomas Grant, Head of FX USA at BBVA Corporate & Investment Banking, analyzes the role of BBVA USA in the FX market
Q: Global Foreign Exchange is a significant business for the bank and one that has grown while many of our peers have seen volumes and revenues fall. What are the key reasons for the success?
BBVA has a significant global franchise in the Europe and Latam and has done an excellent job of rolling out a top tier service of delivering Latam expertise to European and US clients. Additionally, we have grown our G10 franchise in areas such as Latam where we have a strong franchise. Our strong research team has been a differentiator with both our Latam teams and G10 teams being recognized in the past year. Another area of growth has been our offering in Turkey throughout affiliate Garanti Bank, where we have forged a strong partnership. Above all, much of our performance is a function of being well coordinated globally and the strong partnership that we have forged as a global business.
Q: What our your key challenges in the US?
With a growing banking presence in the US and a particular focus in the region that borders Mexico, we are well positioned to bring our expertise to the US client base. We must do a better job of improving the client experience and we are doing this through improving our product offering, by building out technology solutions to better to take advantage of our global FX platform and to continue to differentiate ourselves through our local expertise in Latam and Turkey.
Q: We read a lot about Dodd Frank and EMIR in the press. How is regulation impacting your business?
With greater regulation and oversight, the complexity of the business changes and raises the hurdles of what must before done before and after a trade is executed. At the same time, these regulations present additional opportunities for the bank to differentiate ourselves, allowing us to work closer with clients in their trade reporting and to continue to build our trusted advisor relationship with clients.
Q: As Spain recovers, how does this impact your US strategy?
Although Compass is a wholly owned subsidiary of BBVA, our balance sheets and businesses operate separately from a regulatory perspective. In the past year, we have worked to change our mindset and we now all see ourselves as part of BBVA USA and our focus is all about the client. Maintaining a consistent high level of service for our clients across all of our platforms is key and if we can get this right, we will be able to fully leverage both our local presence and our global expertise and capabilities.