BBVA is first Spanish bank to buy stake in China

22nd November 2006, Comments 0 comments

22 November 2006, MADRID — The BBVA became the first Spanish bank to buy a stake in China's retail banking sector on Wednesday.

22 November 2006

MADRID — The BBVA became the first Spanish bank to buy a stake in China's retail banking sector on Wednesday.

The BBVA said it had acquired minority stakes in China's Citic Group.

The bank, known by its initials, BBVA, described the purchase as a strategic move.

Manuel Gonzalez Cid, BBVA chief financial officer, said: "We are not speaking of a financial stake, rather an in-depth strategic alliance that could lead to several developments in the future."

BBVA paid EUR 501 million for a 5 percent stake in Beijing-based China Citic Bank and EUR 488 million for a 15 percent stake in Hong Kong's Citic International Financial Holdings Ltd.

BBVA, Spain's second largest bank, has most of its operations in Latin America.

[Copyright EFE with Expatica]

Subject: Spanish news

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