BBVA strengthens its Securities Finance Trading business to accelerate the growth of Global Markets

BBVA Corporate & Investment Banking (CIB) is strengthening its position in the Securities Finance Trading (SFT) business, a strategic area within Global Markets focused on providing collateralized financing solutions to institutional clients. Since its launch in 2022, SFT has become a key growth driver for the markets business, combining innovation, specialization and a global vision centered on supporting clients in developed markets and leveraging the strength of BBVA international franchise to drive growth in emerging markets.

The collateralized financing business has gained increasing relevance in the modern financial system. Following the global financial crisis, international regulation promoted the efficient use of collateral and reinforced the role of repo and securities lending transactions as essential tools for liquidity and balance sheet management. Today, these instruments have also become a core component of monetary policy and play a crucial role in determining risk-free benchmark rates such as SOFR in the United States. In this context, collateralized financing activities now occupy a central place in the financial architecture and in the efficient functioning of global markets.

The development of the SFT business is part of BBVA CIB’s institutional strategy to position itself as a trusted partner for institutional investors, supporting their growth projects through a value proposition built on strength in the bank capabilities, sustainability, and long-term relationships.

With this vision, BBVA CIB identified a strategic opportunity to develop a differentiated SFT business focused on the needs of institutional clients. In 2022, the bank created a global unit dedicated to this segment, bringing together senior talent and expertise in financing, derivatives and risk management.

The area is led by Michael Manna, Managing Director, responsible for Securities Finance Trading globally, based in London, who reports jointly to Lucho Alarcón, Head of Global Credit and Global Markets in USA, and Luis Martins, Head of Global Macro. Under this structure, the SFT team has built an international network with a presence in London, New York and Hong Kong, strengthening BBVA’s position as a relevant player in the global market and a leader in strategic regions such as Latin America and Turkey.

In Asia, the team includes Emily Chiu, Executive Director, responsible for SFT Asia; while Ed Gilder recently joined the New York office as Managing Director responsible for SFT Americas. In London, Stoil Topolov, from Barclays, has also joined as Executive Director to enhance the business’s capabilities in Europe. The area has incorporated senior professionals from across the international industry, further strengthening its expertise and global reach.

According to Michael Manna, “At BBVA we have built a highly experienced global team, with a proven track record, and a solid platform to achieve sustainable growth. Our focus is on providing collateral financing solutions that support our clients today and as markets evolve, particularly in emerging markets, where we see significant growth potential and where BBVA has a strong and distinctive presence.”

Throughout 2025, the SFT business has reached a turning point, achieving sustained growth in both volume and scope, and expanding its client base to include new institutional investors (among them, hedge funds) reinforcing the bank’s value proposition and commitment to this client segment. This diversification has made SFT not only an efficient funding channel, but also a relationship-driven platform that integrates complementary services such as derivatives, structured financing and FX.

With this progress, BBVA CIB reaffirms its commitment to innovation, efficiency and financial sustainability. The Securities Finance Trading business will continue to be a key growth engine for Global Markets, strengthening the bank’s role as a trusted partner in liquidity and collateral management in an ever-evolving global financial environment.