Connecting Italy and Spain to Explore New Opportunities in European Cross-Border Finance

As European capital markets continue to integrate, cross-border financing, institutional trading, investment research, wealth management and alternative asset management are entering a new phase of development and opportunity.

EQUITA Group / EQUITA SIM as an independent Italian investment bank with deep expertise in capital markets, and BBVA (Banco Bilbao Vizcaya Argentaria) as a leading Spanish international financial group with an extensive international banking network and strong corporate finance capabilities, each bring complementary strengths to the European financial market. Building on the existing business relationship between the two institutions in capital markets, EQUITA proposes to explore further opportunities for cooperation with BBVA across Italy, Spain and the broader European market, leveraging the respective strengths of both parties to develop a more professional, efficient and transparent model for cross-border financial services.

EQUITA: An Independent Italian Investment Bank

EQUITA traces its history back to Euromobiliare, founded in 1973 and has since developed into a diversified independent investment bank covering:

- Global Markets

- Investment Banking

- Alternative Asset Management

- Research

- Corporate Advisory

In recent years, the firm has continued to expand its institutional trading, corporate financing, investment banking and alternative asset management businesses, while further strengthening its capabilities in serving European capital markets.

BBVA: An International Diversified Financial Group

Founded in 1857, BBVA is one of Spain’s leading international financial groups, with operations across Spain, Mexico, Türkiye, South America and other international markets.

The Group focuses on key areas including:

- Corporate and Institutional Banking

- Cross-Border Financing

- Investment Banking

- Digital Banking

- Wealth Management

- Asset Management

BBVA continues to advance its internationalization and digital transformation, providing integrated financial solutions to clients across markets.

Existing Business Relationship

Publicly available information indicates that EQUITA SIM has, during the relevant period, acted as a Specialist for certain financial instruments issued by BBVA, serving a designated market-making and liquidity-support role. This indicates that the two institutions have already established a business relationship at the securities-market level.

It should be noted, however that this existing business relationship does not in itself imply that the two groups have entered into a comprehensive strategic cooperation agreement.

Subject to the execution of formal agreements and the receipt of any necessary regulatory approvals, the parties could explore further cooperation in areas including:

- Italy–Spain cross-border capital markets services

- Institutional securities trading and market execution

- Corporate financing and debt capital markets

- Cross-border M&A advisory

- Equity research and investment research services

- Solutions for professional investors and wealth management

2026 "Portfolio Health Program”

As an investor education and market research initiative, the 2026 Portfolio Health Program is designed to provide a series of research-focused sessions on the Spanish equity market, helping investors develop a more systematic understanding of corporate value, portfolio management and risk control.

The program is expected to cover:

- IBEX 35 market environment and outlook

- Research on the banking, energy, utilities, infrastructure, and consumer sectors

- Analysis of listed-company announcements and financial statements

- Corporate profitability and valuation analysis

- Cash flow and dividend policies

- Position sizing and portfolio allocation

- Macroeconomic conditions and European Central Bank (ECB) policy

- Risk management and long-term investment principles

Market Research Guest

Alejandro Rodríguez

Alejandro Rodríguez has 21 years of experience in financial-market research, with a long-standing focus on Spanish and European equities. His research coverage includes the banking, energy, infrastructure and consumer sectors.

He specializes in assessing the long-term investment value of listed companies by combining analysis of financial statements, profitability, valuation, cash flow, dividend policy and the broader macroeconomic environment. Under the proposed Portfolio Health Program, Alejandro Rodríguez is expected to participate as a market research and investor education guest, sharing insights on topics including:

- IBEX 35 market analysis

- Portfolio structure and optimization

- Fundamental analysis of individual stocks

- Risk management and asset allocation

The program will also incorporate the 8D Stock Health Diagnostic Framework, covering:

Company Announcements → Financial Statements → Profitability → Valuation → Dividend Policy → Share Price Performance → Macroeconomic Environment → Risk Assessment

The objective is to help investors develop a more systematic, disciplined, and rational framework for investment analysis.

Investment Philosophy

Alejandro Rodríguez advocates:

“Research-driven decisions, with risk considered before return.”

In his view, the value of investment research does not lie in guaranteeing that every judgment will be correct. Rather, its value lies in establishing a clear, objective and continuously verifiable framework for investment decision-making.

Strategic Vision

Connecting Italy through Milan and Spain through Madrid.

Looking ahead and subject to applicable regulatory requirements, formal agreements between the parties, and each institution’s strategic priorities, EQUITA and BBVA could explore the development of a more efficient and professional European cross-border financial-services framework.

The objective would be to provide companies, institutional investors, and professional investors with more comprehensive cross-border capital-markets solutions.

Research builds conviction. Expertise connects markets, long-term value connects the future.