Spain Seeks $208M Fine on BBVA Over Spying

Spain’s anti-corruption prosecutor has called for BBVA to be fined 181.8 million euros ($208.16 million) over allegations that the bank hired a private investigation agency to conduct illegal spying between 2004 and 2016. The case is part of a broader inquiry into several Spanish companies using the agency run by former police commissioner Jose Manuel Villarejo.

BBVA has acknowledged hiring the agency but denied any evidence of spying, stating in its 2025 annual report that the facts under investigation do not imply criminal liability. The probe has involved some former executives, while no current board member is implicated. The scandal has caused reputational concerns but limited direct business impact since the investigation began in 2019.

The prosecutor is also seeking up to 173 years in prison for BBVA’s former chairman Francisco Gonzalez, though Spanish law caps his potential sentence at 15 years. Gonzalez, who stepped down in March 2019 as honorary chairman to protect the bank’s reputation, denies wrongdoing. Spain’s High Court has yet to formally open the trial, marking a potential first for former top corporate executives facing such charges.

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