Not even remotely. Simple was Simple in the way people mean when the say they want simple. Not bare, or sparse. Just very clear and easy to use. BBVA's interface isn't horrible, but it reeks of 2000s web banking.
Now I have first hand experience with BBVA as well. I’ll give it to them their app is pretty good. It’s clean, fast, and the transitions are good. Logging in is fast and easy. But boy the app experience is not anything I would call elegant. It was clearly designed by very square people with lawyers and accountants as their inspiration.