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.

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 unlisted Hong Kong-based unit, for about 845 million $948 million. In 2013, BBVA trimmed its stake in China Citic to just below 10%. 

BBVA's remaining 4.7% looks earmarked for...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222