Bbva shuts down chatgpt partnership, eyes anthropic surge
BBVA has dramatically scaled back its publicly touted alliance with OpenAI, effectively shelving its planned integration by the end of 2025. The shift signals a significant reassessment of the artificial intelligence landscape and a renewed focus on Anthropic’s rapidly ascending position within the banking sector.
Strategic pivot: openai’s shadow recedes
Previously, BBVA consistently highlighted its strategic partnership with OpenAI as a cornerstone of its AI ambitions. However, internal documents now detail eight proprietary AI initiatives – spanning customer digital advisors (Blue) to tools for bankers, risk management systems, and software development – all developed in-house. This strategic recalibration reflects growing skepticism surrounding OpenAI’s trajectory, fueled by the emergence of competitors like Anthropic and its recent controversies.
The move comes as BBVA’s financial results continue to demonstrate robust performance. The bank reported a first-quarter 2026 profit of €2.989 billion, a 10.8% year-on-year increase (14.1% at constant exchange rates), primarily driven by strong growth in Mexico, contributing €1.453 billion – 44% of the total (excluding the Corporate Center). Spain generated €1.095 billion, up 8.1%. These two markets account for 85% of the bank’s profit, highlighting a concerning geographical concentration that’s attracting close market scrutiny.
Despite the positive financial figures – shares dipped 0.5% in early trading – the reduced emphasis on OpenAI suggests a calculated risk mitigation strategy. CEO Onur Genç reiterated the usual message of execution and shareholder value, emphasizing a strong capital position and improved efficiency. “We maintain a solid capital position and further improved efficiency,” he stated, pointing to a 17% increase in customer lending and a 20.2% rise in interest margins, exceeding 20%.
The bank is now embarking on the final phase of its €1.46 billion extraordinary share repurchase program, aiming to complete nearly €4 billion in repurchases since December of last year. This aggressive buyback strategy underscores BBVA’s confidence in its future prospects, despite the shifting AI narrative.
Anthropic takes center stage
Meanwhile, Santander is actively bolstering Openbank’s global expansion, detailing the impact of AI for the first time in its quarterly results. This strategic move reflects a broader industry trend as banks prioritize internal AI development. BBVA’s own evolution towards a “truly AI-driven model” is predicated on industrializing the creation, governance, and deployment of agents at scale, albeit in its initial stages. Despite acknowledging this nascent phase, the company anticipates “promising results” and emphasizes its ability to scale these solutions across its entire group, mirroring its previous digital transformation.
Despite the overall positive performance – including a record-breaking 21% return on equity (ROE) – the absence of OpenAI in public statements indicates a strategic pivot. The emergence of Anthropic’s ‘Mythos’ model, combined with OpenAI’s reputational challenges and ongoing legal battles, has prompted a reassessment of the Technology’s reliability and potential. BBVA’s robust growth, fueled by Mexico and Spain, and a strengthened capital ratio of 12.83%, demonstrate a resilient business model, but the future of its AI strategy remains decidedly focused on internal innovation – and a competitor’s rising star.