LAKE SUCCESS, New York,
June 30, 2015 /PRNewswire/ -- BBVA
Group has entered a multi-year agreement with Broadridge Financial
Solutions, Inc. (NYSE: BR) for a post-trade Managed Service to
support its institutional fixed income business in the U.S. BBVA
becomes one of more than two dozen clients to adopt Broadridge's
North American Managed Service, an industry-leading utility model
that enables BBVA to expand its product offering and gain
significant trade processing and cost savings and enhance its risk
controls.
Under the agreement, Broadridge will provide an integrated
Managed Service to support fixed income and repurchase agreement
processing, international clearance and settlement and investor
communications services. Broadridge has supported reconciliations
processing of equities, cash and exchange-traded derivatives for
BBVA since 2013.
"As the fixed income market evolves, new technology and
operating models will play an increasingly vital role for our
business," said Ramon Martinez
Sobrado, Head of CIB Global Operations for BBVA Group. "The
strategy to move to Broadridge's Managed Service model enables BBVA
to leverage significant scale and cost efficiencies to gain
competitive differentiation for our U.S. institutional fixed income
business. The expanded relationship with Broadridge is part of our
strategy to deliver superior services to our clients while
enhancing our core technologies and efficiencies."
"BBVA has long distinguished itself on the basis of operational
and technology excellence," said Michael
Alexander, president, Wealth and Capital Markets Solutions,
Broadridge. "This expanded relationship will help the bank
transform and streamline its institutional fixed income operation
at a time when new models and technology can help set a path for
the industry's future winners. We are delighted to support BBVA in
this strategic program."
Broadridge's technology supports post-trade processing for 60
percent of all U.S. fixed income trading volumes, including 16 of
the 22 U.S. primary dealers. It provides equities processing for
six of the 10 largest global investment banks, and processes more
than $5 trillion in U.S. equity and
fixed income trades per day. Broadridge's Managed Service provides
an innovative and rapidly growing outcomes-based service model. It
handles approximately 16 percent of all U.S. institutional fixed
income volumes, representing a doubling in volumes over the past
year.
About BBVA
BBVA is a customer-centric global
financial services group founded in 1857. The Group has a solid
position in Spain, it is the
largest financial institution in Mexico and it has leading franchises in
South America and the Sunbelt
Region of the United States. Its
diversified business is biased to high-growth markets and it relies
on technology as a key sustainable competitive advantage. BBVA
ranks among the leading Euro zone banks in terms of ROE and
efficiency. Corporate responsibility is at the core of its business
model. BBVA fosters financial education and inclusion, and supports
scientific research and culture. It operates with the highest
integrity, a long-term vision and applies the best practices. The
Group is present in the main sustainability indexes. To find out
more, visit www.bbva.com.
About Broadridge
Broadridge Financial Solutions, Inc.
(NYSE:BR) is the leading provider of investor communications and
technology-driven solutions for broker-dealers, banks, mutual funds
and corporate issuers globally. Broadridge's investor
communications, securities processing and business process
outsourcing solutions help clients reduce their capital investments
in operations infrastructure, allowing them to increase their focus
on core business activities. With over 50 years of experience,
Broadridge's infrastructure underpins proxy voting services for
over 90% of public companies and mutual funds in North America, and processes more than
$5 trillion in fixed income and
equity trades per day. Broadridge employs approximately 6,700
full-time associates in 14 countries.
Media Contacts
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Kate McGann
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Marisol Espinosa
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Broadridge
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BBVA
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+1 212 981 1395
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+1.713.831.5867 / +1.713.742.3705
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Katherine.mcgann@broadridge.com
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Marisol.espinosa3@bbva.com
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