Spanish bank increases stake in Chinese lender
Source: Agencies |
December 5, 2009, Saturday
|
Print Edition
Print Edition
Spanish bank BBVA is spending 1 billion euros (US$1.5 billion) to increase its stake in a Chinese lender to take advantage of China's fast-growing market and trade with Latin America.
Banco Bilbao Vizcaya Argentaria SA on Thursday said it was buying an additional 4.93 percent of China Citic Bank to raise its total stake to 15 percent.
BBVA operates in nine Latin American countries and said its increased presence in China would give it an "important competitive advantage" as Chinese trade and financial ties with the region grow.
Chinese commercial ties with Latin America are flourishing as China steps up imports of oil, copper and other raw materials. Chinese companies also are looking to Latin America for markets and investment opportunities.
China's state-owned banks have formed a series of alliances with global institutions to expand their access to international markets and get support in developing credit cards, trade finance and other services.
BBVA is Spain's second-largest bank by market capitalization after Banco Santander. Citic Bank is a unit of Citic Group.
BBVA bought its first stake in Citic Bank in 2006.
Banco Bilbao Vizcaya Argentaria SA on Thursday said it was buying an additional 4.93 percent of China Citic Bank to raise its total stake to 15 percent.
BBVA operates in nine Latin American countries and said its increased presence in China would give it an "important competitive advantage" as Chinese trade and financial ties with the region grow.
Chinese commercial ties with Latin America are flourishing as China steps up imports of oil, copper and other raw materials. Chinese companies also are looking to Latin America for markets and investment opportunities.
China's state-owned banks have formed a series of alliances with global institutions to expand their access to international markets and get support in developing credit cards, trade finance and other services.
BBVA is Spain's second-largest bank by market capitalization after Banco Santander. Citic Bank is a unit of Citic Group.
BBVA bought its first stake in Citic Bank in 2006.
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