Banco Bilbao Vizcaya Argentaria, S.A. filed a Form 6-K with the U.S. Securities and Exchange Commission on October 26, 2026, disclosing the minimum regulatory capital requirements communicated by the European Central Bank for the year 2027 following its Supervisory Review and Evaluation Process.

Key Highlights

  • Consolidated total capital ratio: BBVA must maintain a minimum of 13.60% at the consolidated level, effective January 1, 2027.
  • Consolidated CET1 ratio: The minimum CET1 capital ratio at consolidated level is set at 9.36%, effective January 1, 2027.
  • Pillar 2 requirement increase: The general Pillar 2 requirement rises from 1.50% to 1.70% compared with the previous year, according to the filing.
  • Individual-level requirements: At the individual (BBVA S.A.) level, a minimum total capital ratio of 11.25% and a CET1 ratio of 7.75% apply from January 1, 2027.
  • Pillar 2 CET1 floor: Of the 1.70% Pillar 2 requirement, a minimum of 0.96% must be met with CET1 capital at the consolidated level.
  • Countercyclical buffer: Estimated at 0.39% (consolidated) and 0.73% (individual), based on outstanding exposures as of June 2026.

ECB Sets BBVA's 2027 Minimum Capital Ratios After SREP Review

According to the filing, the European Central Bank communicated the updated minimum capital requirements to BBVA as a result of the Supervisory Review and Evaluation Process, commonly known as SREP. The new requirements take effect on January 1, 2027. At the consolidated level, BBVA must hold a CET1 capital ratio of at least 9.36% and a total capital ratio of at least 13.60%.

The filing breaks down the consolidated CET1 requirement of 9.36% into its component parts: a Pillar 1 requirement of 4.50%, a Pillar 2 requirement of 0.96%, a capital conservation buffer of 2.50%, an Other Systemically Important Institution buffer of 1.00%, a systemic risk buffer of 0.01%, and a countercyclical buffer of 0.39%. The filing notes that the general Pillar 2 requirement increases from 1.50% to 1.70% compared with the previous year, while "the additional 0.12% requirement associated with the ECB's prudential provisioning expectations, which had to be met entirely with CET1 capital, is no longer applicable."

At the individual level, BBVA S.A. faces a total capital requirement of 11.25% and a CET1 requirement of 7.75%. The individual-level breakdown includes a Pillar 1 CET1 of 4.50%, a conservation buffer of 2.50%, a systemic risk buffer of 0.02%, and a countercyclical buffer of 0.73%. Pillar 2 and the O-SII buffer are listed as not applicable at the individual level. The filing was signed by Eduardo Avila Zaragoza, Head of Supervisory Relations, and submitted under commission file number 1-10110. NYSE:BBVA is the exchange and ticker as listed on the filing's cover page.

What Was Disclosed

BBVA disclosed the ECB's SREP-derived minimum capital requirements for 2027, covering both consolidated and individual levels. Key figures include a 13.60% consolidated total capital ratio, a 9.36% consolidated CET1 ratio, and an increased Pillar 2 requirement of 1.70%, all effective January 1, 2027.