Auto-finance venture
By Vivian Jin |
April 27, 2010, Tuesday
|
Print Edition
Print Edition
CHINA Citic Bank Corp and Spain's Banco Bilbao Vizcaya Argentaria SA will set up an auto-finance joint venture in China to tap potential demand in the world's largest car market, according to the Chinese bank.
Citic Bank plans to invest 650 million yuan (US$95 million) for 65 percent of the joint venture, with the rest to be held by Corporacion General Financiera SA, a subsidiary of BBVA, for 350 million yuan.
BBVA owns 15 percent in Citic Bank. The Chinese bank said in a statement the transaction will further enhance the strategic cooperation between the two sides.
Citic Bank plans to invest 650 million yuan (US$95 million) for 65 percent of the joint venture, with the rest to be held by Corporacion General Financiera SA, a subsidiary of BBVA, for 350 million yuan.
BBVA owns 15 percent in Citic Bank. The Chinese bank said in a statement the transaction will further enhance the strategic cooperation between the two sides.
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