Barclays ups CaixaBank, cuts BBVA to account for Middle East uncertainty

Banco Bilbao Vizcaya Argentaria SA

15/04/2026 08:20

** Barclays raises Spain's CaixaBank CABK.MC to "overweight" from "equal weight" and cuts BBVA BBVA.MC to "equal weight" from "overweight", based on their ability to weather economic troubles stirred by the Middle East war

** It praises CaixaBank's strong and stable home-market business, conservative risk profile and good positioning that should allow it to make steady profits while interest rates stay high and the economy grows slowly

** By contrast, it says BBVA’s international operations—like those in Turkey and Mexico—will pull profits into directions where volatile currencies, politics and interest-rate dynamics reduce visibility

** Barclays still prefers Banco Santander SAN.MC ("overweight") among internationally exposed banks, as it is supported by diversification and clear ways to improve profitability

(Reporting by Gemma Guasch)

((Gemma.guasch@thomsonreuters.com))