Ex-BBVA chairman and bank to face trial in Spain’s long-running corporate espionage case

The case stems from a wider probe into several major Spanish companies that allegedly hired private investigation firm Cenyt, operated by former police commissioner José Manuel Villarejo, to carry out a series of illegal assignments between 2004 and 2016. ALSO READ: Spain’s elite shaken by ‘blackmailer’ cop, Villarejo.

Judge Antonio Piña has sent BBVA to trial on one count of bribery and 52 counts relating to the unlawful discovery and disclosure of secrets. In a statement, the court also ordered the bank to provide a €1.17 million bond to cover possible civil liabilities and given all defendants 10 days to submit their defence arguments.

Francisco González, who chaired BBVA when the contracts were awarded, will stand trial on charges including bribery, disclosure of secrets, membership of a criminal organisation, mismanagement and document falsification. Also due to face trial are several former BBVA executives and former senior police officers allegedly connected to Villarejo.

Spain’s Anti-Corruption Prosecutor’s Office is seeking a fine of €181.8 million against BBVA for its alleged role in the scheme. Prosecutors are also requesting prison sentences of up to 173 years for González, 216 years for Villarejo and 243 years for the bank’s former head of security, Julio Corrochano.

However, under Spain’s criminal code, any prison sentence imposed on González would be capped at a maximum of 15 years, according to a spokesperson for the prosecutor’s office.

Prosecutors allege that BBVA’s hiring of Cenyt was authorised by the bank’s senior management and carried out outside its established internal procedures.

BBVA declined to comment following the court’s decision. The bank has consistently acknowledged that it hired Villarejo’s company but has maintained that internal investigations uncovered no evidence of unlawful spying. It also insists that the conduct under investigation does not make the bank criminally liable, a position reiterated in its 2025 annual report.

None of BBVA’s current board members are involved in the proceedings. ALSO READ: Spain’s BBVA fails in its bid to take control of Banco Sabadell.

The investigation has cast a shadow over Spain’s corporate sector since it became public in 2019, causing reputational damage for some of the country’s largest companies, although without any clear impact on their businesses.

González resigned as BBVA’s honorary chairman in March 2019, saying he wished to avoid causing any harm to the bank’s reputation. He has consistently denied any wrongdoing.

The Villarejo investigation has also examined the activities of other major Spanish companies. Senior executives from Iberdrola, Repsol and CaixaBank were investigated at various stages, although those cases were ultimately dropped.

Last year, Villarejo and several former mid-level executives from Repsol and CaixaBank were acquitted over contracts intended to obtain information on former Sacyr Vallehermoso chairman Luis del Rivero between 2011 and 2012.