Spain’s High Court has ordered BBVA, the country’s second largest bank, and its former chairman Francisco Gonzalez to stand trial in a major corporate spying case. The case involves allegations of bribery and disclosure of company secrets tied to a wider investigation into private intelligence work carried out for major Spanish companies.
A Major Bank Heads Toward Trial
The court order marks a serious legal step for BBVA, one of Spain’s most important financial institutions. According to Reuters, the case centers on the bank’s alleged connection to a private investigation agency run by former police commissioner Jose Manuel Villarejo.
Investigators have been looking into whether several companies hired Villarejo’s agency for allegedly illegal assignments between 2004 and 2016. BBVA is now set to face trial alongside Gonzalez, who led the bank when the agency was hired.
The Allegations Behind the Case
The charges involve alleged bribery and the disclosure of company secrets. Prosecutors have focused on whether private intelligence services were used in ways that crossed legal boundaries.
The case has drawn attention across Spain’s corporate world because it involves a former top executive from one of the country’s largest banks. Reuters reported that it is the first time former leading corporate executives have had to stand trial in this wider case.
Prosecutors Seek Heavy Penalties
Spain’s anti-corruption prosecutor has called for BBVA to be fined 181.8 million euros, equal to about $208 million. Prosecutors have also requested a jail sentence of up to 173 years for Gonzalez.
However, a spokesperson for the prosecutor’s office said that under Spain’s criminal code, the maximum time Gonzalez could actually serve would be limited to 15 years.
BBVA’s Response and Reputational Pressure
BBVA declined to comment on the latest court order. Reuters also reported that none of the bank’s current board members are involved in the probe.
The bank has previously confirmed that it hired the agency, but said it had found “no evidence of spying.” In its 2025 annual report, BBVA also said that the actions under investigation “do not imply criminal liability” for the bank.
Gonzalez has denied wrongdoing. He stepped down as honorary chairman in March 2019, saying the move was meant to prevent harm to the bank’s reputation.
A Wider Corporate Espionage Inquiry
The BBVA case is part of a larger investigation that has affected several major Spanish companies. Executives from Iberdrola, Repsol and CaixaBank were investigated at different points, but those cases were later dropped.
Last year, Villarejo was acquitted over work carried out for Repsol and CaixaBank involving information on Luis del Rivero, the former president of Sacyr Vallehermoso. Former second-tier executives from CaixaBank and Repsol were also acquitted.
What Comes Next for BBVA
The trial will keep public attention on BBVA’s past governance and on how large companies used private intelligence services in Spain. While the bank says the investigation does not create criminal liability for BBVA, prosecutors are seeking a major financial penalty and a prison sentence for its former chairman.
The case now moves from investigation to courtroom scrutiny. For BBVA, the trial could become a key test of its legal defense, its corporate reputation and the long-term impact of one of Spain’s most closely watched corporate espionage probes.
