BBVA and Porsche Holding Salzburg, the largest and most successful automotive distributor in Europe and a subsidiary of Volkswagen AG, closed a Euro 150 million term loan backing strategic acquisitions in the retail distribution network in Europe and Asia.
„This is not only the first acquisition term loan ever arranged through blockchain technology, but Porsche Holding is also the first non-Spanish borrower using this technology for the negociation and closing of a corporate loan. This pilot used the platform developed by BBVA based on distributed ledger technology.”, according to the press release.
The transaction is the latest in a number of notable DLT-based deals conducted by the Spanish bank with corporate customers, including the arrangement of a EUR150 million syndicated loan for Red Eléctrica Corporación, renewal of a EUR325 million credit line with Repsol and the signing of a €100-million-euro long-term bilateral corporate loan with ACS.
BBVA believes that since speed of execution is essential to the success of acquisition finance transactions, the use of the distributed ledger technology is particularly relevant.
Frank Hoefnagels, head of BBVA CIB in Germany, says: “This transaction is all about putting blockchain technology into meaningful practice in the interactions with our clients. Our aim is to improve clients’ experience by simplifying processes and enhancing the speed of execution”.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
