BBVA moves into China acquiring a stake in Citic

The Spanish bank acquires 5% of China Citic Bank and 15% of Citic International Financial Holdings for $1.27 billion.

Banco Bilbao Vizcaya Argentaria BBVA, SpainÆs second largest bank, has become the newest entrant into the China-Hong Kong banking arena acquiring 5% of China Citic Bank and 15% of Citic International Financial Holdings Citic International for Ç989 million $1.27 billion.

BBVA is spending Ç501 million for a 5% stake in Citic Bank with an option to increase the stake to 9.9%. The balance of Ç488 million has gone to buy a 15%...

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