Hector Grisi : Thank you, Marta. No, we don’t expect any restructuring charges at all because of the restructuring that we just did in the organization. The other way around, actually, we are moving towards lowering the cost as much as possible in the organization. This is exactly what we’re doing. It’s very important to understand exactly what One Transformation means, which means exactly simplifying, first of all, and simplifying the amount of products that we have significantly. Second, basically automation of a lot of the processes, and this is mainly — I’m talking about on the retail side, which is quite important, which means, for example, transformation in countries like Portugal, where we have already gone through a really good transformation, basically, now 10% of the things we do in a branch is basically operations and incidents and problems.
90% is taking care of the client. In other countries, such as Mexico or Spain is 50% of that. So basically, this is what One Transformation means, and this is what we’re doing. So simplification, automation, then we’re going to come in with the platforms. You have seen a little bit what we’ve been doing with the different platforms that we’re deploying, for example, merchant acquiring that has been deployed already mostly in Latin America. You see the cost coming down. And you see also that we are getting revenue on quota from our customers. So in that sense, it’s very important that you understand what One Transformation is and why are we doing this. Second, in terms of — your second question was on operating expenses in the U.S. Okay, very important question.
What we’re doing in the U.S. is just a complement of the rest of our CIB business. What do I mean by a complement? We have become a very large player in CIB, I mean, large for the standards of Latin America and a very important player also in CIB in Europe. It’s important to point out that 94% of our — of the business that we do there basically is client-oriented. It’s very important to understand that it’s just 6% is trading. So it’s client flow, your selling FX, your selling plain vanilla derivatives, is doing a lot of trade finance to our normal clients at midsize and SME clients. And this is basically — the only piece that we needed is basically was to complement the U.S. This is not in any means to really beef up our presence in CIB in the U.S. This basically will complement the rest of our business and also will give us capabilities in 4 or 5 particular sectors that complement the rest of the business that we do in Latin America and Europe, in the U.S., which, by the way, we were not making because we didn’t have the capabilities.
So it’s not a huge thing vis-a-vis the size of the group, but it’s important that it’s going to be an important revenue generator. And you’re going to see that revenue going to start to pick up in CIB pretty fast given that because it’s already a complement, as I was saying, of the rest of the business.
Jose Garcia-Cantera : Tax rate in Brazil next year, Eurozone– sorry, taxes on capital, that’s been proposed and discussed is not approved, and we are not sure that the final shape of that tax will be the one that was proposed. The Finance Minister believes that they need to do a more detailed analysis on the impact of that because the main reason for that is to tax companies that are not paying taxes. The banks are paying already lots of taxes. So I think we need to wait and see what the final shape and form of that tax will take. But by no means it’s a done deal and definitely not in the way that it was presented. Thank you, Marta.
Operator: Next question from Carlos Cobo Catena from Societe General.
Carlos Cobo Catena : From my side, a quick question on revenue performance. You explained how NII has been the key driver of revenue momentum. However, going back to the Capital Markets Day, I remember that there was a way stronger emphasis on fee income and non-NII revenues, which seems to be underperforming a little bit or initial expectations. So could you elaborate on that? Is that the market momentum has weakened, but you see that being recovered in the future or simply that there’s some — you are running behind your initial plan? And second, when you talk about the cost of risk seasonality in the U.S., could you explain a little bit better why is that? I mean why there is such a concentration in provisions in the third quarter?
It will be helpful to understand. And lastly, on reporting changes. I don’t know if you can share that already, but when you’re talking about the retail and commercial new global business line, could you explain if you plan to have also regional P&L and balance sheet for its subsidiary, which will be consistent with the consolidated global unit or we are not going to have that detail?
Hector Grisi : Thank you, Carlos. I mean, I think it’s important to understand basically the dynamics in the market. If you see the fees, for example, in the first 9 months, we grew 6% year-on-year. It’s basically customer growth and the global network business is basically helping out, mainly CIB and payments. It’s important to say that global and network businesses now contribute to around 42% of the total fee income. And by ’25, that would increase from 42% to 50%. So basically, it’s according to our plan. It’s important also that risk appetite increase is changing the portfolio mix. And volume growth and transactionality increase is going to help out. And we see also — and you’re going to see that it’s going to complement the revenue.
It’s actually what you’re asking. You’re going to see a strong CIB that is basically up 15% year-on-year. PagoNxt is the payment side and merchant acquiring is up 12%. We have weaker wealth management that is around 1%, but it’s market conditions, because exactly what’s happening in the market. The auto business is generating 5% more across the board. You see very good performance in Mexico and the U.S., and Europe is a little bit impacted by regulatory changes. And retail, you’re going to see a growth of around 5% year-on-year because we had active customers coming in that are helping us out, mainly 2 million active customers that we didn’t have. So in that sense, what I’m telling you is that we see that fees are going to starting to come up, also helping out by what’s — the dynamics that we see in South America and Mexico mainly.
