Spain’s anti-corruption prosecutor has requested a EUR 181.8 million fine against BBVA over the bank’s alleged involvement in an illegal spying scandal.
The case focuses on BBVA’s alleged use of a private investigation agency managed by a former police commissioner to conduct what are believed to be illegal operations between 2004 and 2016. Multiple other Spanish companies are also under investigation in the wider inquiry, which has sparked extensive scrutiny of the country’s corporate sector since investigations were initiated in 2019.
Former chairman faces charges; trial yet to be opened
As per reports from Reuters, among those implicated is BBVA’s former chairman who oversaw the bank during its contract with the police officer’s agency. The prosecutor seeks a prison sentence of up to 173 years for him; however, under Spain’s criminal code, the maximum term he could serve would be 15 years. The ex-chairman resigned as honorary chairman in March 2019, stating his intention to safeguard BBVA’s reputation. He has maintained his innocence.
Several former executives are also part of the probe, though no current board member is involved. BBVA declined to comment on the prosecutor’s filing.
Spain’s High Court has yet to formally initiate the trial. If and when this happens, it will be the first time that former senior corporate executives face trial in a case of this nature in Spain, setting an important precedent for corporate accountability in the country.
BBVA’s stance
Although BBVA has admitted to hiring the agency, it claims there is no evidence of any spying activity. The bank asserts in its 2025 annual report that the facts under investigation do not amount to criminal liability.
The incident has been a prolonged source of reputational and legal pressure for Spain’s business community since investigations began. Notwithstanding the intense scrutiny, these inquiries have so far had no discernible direct impact on the operations of the firms involved.
The outcome of any potential trial could have broader implications for how corporate governance and accountability are assessed in Spain, particularly concerning the use of third-party investigators and the legal exposure of senior executives for decisions made during their tenure.
