BBVA sells down Citic Bank stake

Spanish lender offloads a 5.1% stake in its Chinese counterpart for $1.27 billion, the latest western bank to cut back its China exposure in an effort to raise funds.

BBVA sells down Citic Bank stake

BBVA, Spain’s second-biggest bank, has sold a 5.1% stake in China Citic Bank for $1.27 billion in an effort to improve its balance sheet, marking another selldown of a Chinese bank by under-capitalised US and European lenders.

Citic, the parent and the controlling shareholder, has bought Citic Bank’s H shares. After the sale, Citic will increase its interest in the bank from 61.85% to 66.95%, while the Spanish bank will hold 9.9%, compared to...

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