BBVA to sell CITIC bank stake
Print Edition
SPANISH banking giant BBVA (Banco Bilbao Vizcaya Argentaria) said yesterday it will sell half of its stake in China CITIC Bank Corporation Limited for 1.46 billion euros (US$1.64 billion) to strengthen its capital base.
BBVA, Spain’s second-biggest bank by market value, said it was selling the 4.9-percent stake to one of China’s biggest real estate firms, Xinhu Zhongbao, via Swiss bank UBS.
The deal will leave BBVA with a 4.7-percent stake in the Chinese bank, with a net capital gain of 400 million euros for the Spanish bank, it said in a statement.
The move, subject to regulators’ approval, will strengthen BBVA’s capital position in line with stricter norms imposed on the banking sector after the recent financial crisis.
BBVA has operations in the US, Latin America and Europe, but has begun to cut its presence in China lately.
It first took a share in the Chinese bank in the mid-2000s but sold off a 5.1-percent stake in 2013.
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