FINANCIAL INCLUSION
Corporate Responsibility Report 2008
28
governance and management. Accordingly, the BBVA
Group wishes its corporate responsibility report to
reflect the fact that the BBVA Microfinance
Foundation is not part of BBVA’s financial group. For
this same reason, the BBVA Group neither manages
nor responds for the activity undertaken by the
Foundation or by those financial institutions that
the Foundation acquires in pursuit of its goals.
For more information, please visit:
www.mfbbva.org
FONDO BBVA
CODESPA
MICROFINANZAS
Another of the channels
BBVA uses to fully involve
itself in the pursuit of
financial inclusion is the
hedge fund Fondo BBVA Codespa Microfinanzas
(Hedge Fund). This hedge fund, which was the
first of its kind approved in Spain, is now just over
two years old and by the end of 2008 it had
provided access to microfinance for a total of
24,945 micro-entrepreneurs in Latin America.
This fund was created for the purpose of
contributing to the development of the
microfinance industry through investment in debt
instruments issued by microfinance institutions in
Latin America that are sound and viable in terms
of sustainability.
It should be noted that in November 2008
the Corporación Andina de Fomento (CAF), a
multilateral financial institution that supports
sustainable development in its shareholding
countries along with regional integration) has
invested $5m in the Fund with a view to
generating greater opportunities for Latin
American microfinance institutions.
For more information, please visit:
http://inversores.bbva.com
Banking penetration plan: South America
No. active customers (in millions) (1)
No. customers financed (in millions)
Card finance (million euros) (2)
Consumer finance (million euros) (3)
(1) An active customer is one with a balance of more than 0, holder of personal or business accounts.
(2) Chile not included.
(3) Venezuela not included.
Scope: South America.
BANKING
PENETRATION
PLAN FOR LATIN
AMERICA
Within BBVA’s policy on
financial inclusion, another of
the major actions it pursues is
the Banking Penetration Plan
in Latin America, which was
launched in 2007 in Mexico and South America.
Throughout 2008, BBVA has continued to pursue
this plan in its commitment to the dissemination
of banking products and services amongst those
people in Latin America with no prior experience
in arranging loans, paying special attention to the
financial education of this collective.
This is BBVA’s pledge to the dissemination of
banking products and services amongst the people
of Latin America as a contribution to the region’s
socio-economic development.
SOUTH AMERICA. In 2008 BBVA South
America has continued to pursue its strategy of
banking penetration rolled out in 2006. This
strategy is designed to increase the availability
of credit to private customers, leveraged on the
payslip, with credit cards as a product for
accessing loans and rerouting the arrangement of
transactions into alternative channels.
In addition to mitigating credit risk, the cardpayslip
pairing furthermore ensures a more loyal
and stable customer base. This means that credit
is granted in a more responsible manner and
accessibility is widened by reinforcing the use and
structure of channels that supplement the branch
office.
Examples of this greater accessibility are, on the
one hand, the innovative solution of Corresponsales
No Bancarios (CNB) (Non-Banking
Correspondents), an effective way of taking banking
services to places beyond the reach of the branch
December 2008 December 2007 Target 2010
7.7 7.3 9
2.5 2 4
1,174 857 2,000
4,439 3,307 5,500
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