Spanish lender sells stake in CITIC Bank
Print Edition
Spanish bank Banco Bilbao Vizcaya Argentaria SA has sold a stake worth US$1.27 billion in CITIC Bank Corp, the latest foreign bank to sell a stake in Chinese lenders.
The sale of CITIC Bank’s Hong Kong-listed shares cut BBVA’s holding from 15 to 9.9 percent, CITIC Bank said in a statement yesterday.
CITIC Bank’s parent CITIC Ltd bought the shares, whose value was based on Wednesday’s closing price, raising its stake to 66.95 percent, the statement said.
BBVA will continue to be long-term investor of CITIC, the statement said.
An earlier report by UBS said that selling a 5 percent stake in CITIC Bank could raise BBVA’s capital adequacy by 55 percentage points.
CITIC Bank yesterday rose 2.65 percent in Hong Kong to HK$4.26 (56 US cents) and 0.53 percent in Shanghai to 3.78 yuan (62 US cents).
It is the latest equity sale in domestic banks by foreign lenders which strive to meet the higher capital needs of Basel III.
In September, Bank of America withdrew completely from China Construction Bank by selling 200 million shares for US$1.47 billion. Earlier this year, Goldman Sachs sold the last of its stake in the Industrial and Commercial Bank of China Ltd, grossing US$10.1 billion.
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