BBVA is trading lower as investors reprice litigation risk tied to the long-running Villarejo investigation in Spain. Prosecutors have requested a corporate fine of roughly €181 million for BBVA and a 173-year prison sentence for former BBVA chairman Francisco González in connection with alleged illegal spying activities, bringing the case back into focus and pressuring sentiment around the stock. (elpais.com)

Even if the amounts referenced are not final outcomes, the prosecution request highlights potential headline and governance risk that can raise uncertainty around timing and magnitude of ultimate penalties. That uncertainty can weigh on valuation for a bank stock, particularly when markets are sensitive to capital levels and outlook, themes that have already influenced recent reactions to BBVA’s results and distribution plans. (investing.com)

BBVA has flagged a €0.60 per share final dividend for 2025 to be paid on April 10, 2026, with the shares expected to trade ex-dividend in early April (widely listed around April 8–9, 2026 across market calendars). With the ex-dividend date approaching, price action can be more volatile as short-term holders reposition, while additional legal updates in the Villarejo matter remain a key catalyst risk. (shareholdersandinvestors.bbva.com)