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Spain's BBVA Boosts Balance Sheet
From the Wall Street Journal of Tue, 23 Dec 2014 03:51:55 EST
BBVA has raised more than a $1 billion to bolster its balance sheet by selling its remaining stake in a Hong Kong financial-services firm.
BBVA has raised more than a $1 billion to bolster its balance sheet by selling its remaining stake in a Hong Kong financial-services firm. Bloomberg News

MADRID- Banco Bilbao Vizcaya Argentaria SA has agreed to sell a stake in a Hong Kong-based financial-services firm for €845 million ($1.03 billion), a move that will help bolster the balance sheet of Spain’s second largest bank.

BBVA said in a regulatory filing on Tuesday that it is selling a 29.7% stake in Citic International Financial Holdings Limited to the firm’s parent, China Citic Bank Corp. , already the owner of the remaining 70.3% stake.

BBVA has long been a partner of China Citic.

But the Spanish bank has lowered its exposure to China in recent years as it sought to shore up its finances which were hit hard by the collapse of Spain’s property market during the eurozone’s financial crisis.

In October 2013, BBVA cut its stake in China Citic Bank Corp. to just below 10%.

At the same time, BBVA is expanding nearer home. Last month, it issued €2 billion in new shares to finance the purchase of an additional 14.89% stake in Garanti, Turkey’s largest lender by market value. The purchase takes BBVA’s holding in the bank to 39.9%.



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