BBVA increases stake in Citic group

The Spanish bank pays $1.24 billion to buy an additional 15% of Citic Holdings and a further 5% in Citic Bank and makes a delisting of Citic Holdings a condition of the deal.

Banco Bilbao Vizcaya Argentaria BBVA, SpainÆs second largest bank, will pay Ç800 million $1.24 billion to increase its stake in Citic International Financial Holdings CIFH to 30% and in China Citic Bank to 10.07%. BBVA has also negotiated a two-year call option to buy another 5% of Citic Bank to increase its total holding to 15%. Further financial details of the deal were not disclosed.

ôThe transaction places BBVA in an unbeatable position...

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