BBVA sells China Citic Bank stake for $1.7b

The latest step in its long-running divorce of China's 7th biggest bank. The buyer of the 4.9% stake is Chinese property firm Xinhu Zhongbao.

BBVA sells China Citic Bank stake for $1.7b

Spain's Banco Bilbao Vizcaya Argentaria has agreed to sell 4.9% of China Citic Bank Corp. to Chinese real estate firm Xinhu Zhongbao for HK$13.136 billion $1.69 billion to help bolster its balance sheet, the latest step in its divorce with China's seventh-largest bank by assets.

The deal announced on Friday follows BBVA's December sale to China Citic of a 29.68% stake in Citic International Financial Holdings, which is China Citic's ...

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