Finance
Spanish Prosecutor Seeks More Than $200 Million Fine on BBVA Over Spying Allegations
Published by Global Banking & Finance Review®
Posted on March 19, 2026
2 min readLast updated: March 19, 2026
Quick Summary
Spain’s anti‑corruption prosecutor is seeking a €181.8 million fine against BBVA over alleged spying via ex‑police commissioner Villarejo, plus 173 years’ prison for former chairman Francisco González (though capped at 15 years).
Spanish Prosecutor Seeks Over $200 Million Fine for BBVA in Spying Case
BBVA Faces Major Legal and Financial Repercussions in Spain
Background of the Spying Scandal
MADRID, March 19 (Reuters) - Spain's anti-corruption prosecutor has called for BBVA to be fined 181.8 million euros ($208.16 million) for the bank's alleged role in a spying scandal that has rocked the country's business world, according to a document seen by Reuters.
The case is part of a wider inquiry into the hiring by several Spanish companies of a private investigation agency run by Jose Manuel Villarejo, a former police commissioner, to carry out various allegedly illegal assignments between 2004 and 2016.
The investigations roiled Spain's corporate sector since they were launched in 2019 and caused some reputational damage, but without a clear impact on businesses.
BBVA's Response and Internal Investigation
BBVA declined to comment on Thursday. The bank previously confirmed that it had hired the agency but said it had found no evidence of spying. In its 2025 annual report, BBVA claims the facts under investigation do not imply criminal liability for the bank.
Some of the bank's former executives are part of the investigation, but no current board member is involved in the probe, it said.
Implications for Former Executives
The prosecutor is requesting a jail sentence of up to 173 years for the bank's former chairman Francisco Gonzalez, though the maximum time he could serve in prison is limited in his case to 15 years, according to the Spanish criminal code, a spokesperson for the prosecutor's office said.
Gonzalez was chairman of BBVA when the bank hired Villarejo's agency. He later stepped down, as honorary chairman, in March 2019 to prevent any harm to the bank's reputation and has denied wrongdoing.
Next Steps in the Legal Process
Spain's High Court has still to formally open the trial. When it does, it will mark the first time for former top corporate executives to face trial in such a case.
Additional Information
($1 = 0.8734 euros)
(Reporting by Jesús Aguado and Emma Pinedo; Editing by Pooja Desai)
Key Takeaways
- •The prosecutor has demanded €181.8 million in fines for BBVA: €9 million for a bribery offence and €172.8 million for 48 counts of revealing secrets, at €5,000/day each for five and two years respectively (elpais.com).
- •Francisco González faces a cumulative penalty of 173 years in prison—five years for bribery and 168 years for 42 counts of unlawful disclosure—though Spanish criminal law limits his effective time served to a maximum of 15 years (elpais.com).
- •This marks the first time in Spain that a major financial institution and its former top executive are to stand trial in the Villarejo spying scandal, involving illegal surveillance by private investigator José Manuel Villarejo between 2004 and 2016 (en.ara.cat).
References
Frequently Asked Questions about Spanish prosecutor seeks more than $200 million fine on BBVA over spying allegations
1Why is BBVA facing a potential $200 million fine?
BBVA is facing the fine due to its alleged role in a corporate spying scandal linked to hiring a private investigation firm led by Jose Manuel Villarejo.
2Who is being investigated in the BBVA spying case?
The investigation includes BBVA's former executives, specifically former chairman Francisco Gonzalez, but no current board members are implicated.
3What are the possible legal consequences for BBVA and Francisco Gonzalez?
The prosecutor seeks a 181.8 million euro fine for BBVA and up to 173 years in jail for former chairman Francisco Gonzalez, though his maximum sentence is capped at 15 years.
4Has the trial against BBVA and involved executives begun?
Spain's High Court has not yet opened the trial; this would be the first such case for former top corporate executives in Spain.
5What is BBVA's response to the allegations?
BBVA has declined to comment on the current case but previously stated it found no evidence of spying and maintains there is no criminal liability.
