BBVA president denies mortgage collusion as Spain's competition watchdog probes six largest banks

The investigation

Spain's National Commission on Markets and Competition (CNMC) opened a formal probe last week into the country's six biggest banks, Banco Santander, BBVA, CaixaBank, Banco Sabadell, Bankinter and Unicaja, over possible anticompetitive practices in the fixed-rate mortgage market. The regulator is examining whether statements by senior executives about future pricing strategy allowed rivals to anticipate each other's behaviour, effectively softening competition. The CNMC, headed by Cani Fernández, argues that such public declarations may have contravened competition law.

Torres pushes back

Speaking at a summer seminar organised by the economic journalists' association APIE and the Universidad Internacional Menéndez Pelayo in Santander, BBVA president Carlos Torres rejected the premise of the investigation.

We have not changed our commercial policy because of what we hear at press conferences.

He insisted that the bank's mortgage offers are driven by internal value-creation models, risk-adjusted profitability and the overall client relationship, not by signals from competitors.

Torres acknowledged the procedure is still in its early stages but stressed that BBVA had acted correctly throughout.

We have a firm commitment to compliance with the rules and at all times we have acted correctly, and that will be seen when this process is concluded.

He also defended the bank's transparent communication policy, saying it remains fully compliant with regulations.

A 'tremendously competitive' market

The BBVA chairman painted a picture of a fiercely contested Spanish mortgage sector, noting that average fixed rates in Spain stand at 2.8%, compared with 3.8% in Germany, a gap he called evidence of intense competition, given that the German government borrows more cheaply. He added that Spain has the third-lowest mortgage rates in the European Union.

Mortgages in Spain enjoy extraordinary conditions.

Torres argued that clients benefit from financing terms that are significantly more attractive than those available in countries such as France, the Netherlands or Germany.

Wider remarks on productivity

Beyond the mortgage file, Torres used his opening address to flag the productivity challenge facing both Spain and Europe. He described artificial intelligence as a general-purpose technology with a transformative potential comparable to the steam engine or electricity, capable of amplifying cognitive abilities and simplifying complex processes. BBVA's own AI strategy, branded ‘The Frame’, he said, has boosted programming efficiency by 50% and cut insurance claim registration time by 80%.