Hmm.. perhaps the title is poorly worded. Based on the below, it appears that they used Ethereum only for agreeances between parties. The title tells the reader that a $150M eth-based transaction occurred, which I doubt BBVA would open itself up to.
The data for the loan was time-stamped at each stage of the process. The loan agreement was finally signed between the three banks and recorded on the ethereum blockchain, preserving its "authenticity," says the FT.
I don't think the title is misleading. The details of the contract are on the Blockchain, although the funds are conventional loans. The benefit was in the speed of sharing verified documents, which otherwise would take a long time to share, especially across borders.