BBVA Seeks to Almost Double London Space With New Headquarters

(Bloomberg) — BBVA SA is looking for a new headquarters for its London business, with plans to nearly double its space in the financial hub, according to people with knowledge of the plans.

Spain’s second-largest lender, which currently has offices in London’s Canary Wharf district, is looking for about 50,000 square feet (4,600 square meters) of space, up from roughly 30,000 square feet currently, one of the people said, asking not to be identified because the plans aren’t public. BBVA is examining options in Canary Wharf and will also consider alternatives elsewhere in London, the person said. The bank hired Jones Lang LaSalle Inc. to help it search for new offices, the people said.

Representatives for BBVA and JLL declined to comment.

BBVA, whose official name is Banco Bilbao Vizcaya Argentaria SA, had 154 employees in the UK as of December, up from 128 in 2022, according to its annual report. Its work in the country is focused mostly on corporate and investment banking.

BBVA is involved in a hostile takeover effort for rival Banco de Sabadell SA. The target has a UK unit, TSB, which BBVA hasn’t decided if it would keep should the takeover go through.

“This has not been the focus of our analysis of the deal,” BBVA Chairman Carlos Torres said in an interview with Bloomberg News last month.

©2024 Bloomberg L.P.