TaiShang
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Citic Bank to buy holding in financial unit from Spain's BBVA
Thursday, December 25, 2014
China Citic Bank has agreed to purchase Banco Bilbao Vizcaya Argentaria SA's (BBVA.NYSE) 29.7% stake in Citic International Financial Holdings for HK$8.16 billion (US$1.05 billion), Bloomberg reported, citing a filing by Citic Bank with the Hong Kong stock exchange. The purchase from Spain's second-largest bank will make Citic Bank the sole owner of Citic International Financial Holdings. BBVA said last year it sold 5.1% of Citic Bank to parent Citic Group Corp., a move that followed other global banks divesting themselves of stakes in Chinese financial institutions as new international rules make it expensive to hold minority stakes in lenders.
Thursday, December 25, 2014
China Citic Bank has agreed to purchase Banco Bilbao Vizcaya Argentaria SA's (BBVA.NYSE) 29.7% stake in Citic International Financial Holdings for HK$8.16 billion (US$1.05 billion), Bloomberg reported, citing a filing by Citic Bank with the Hong Kong stock exchange. The purchase from Spain's second-largest bank will make Citic Bank the sole owner of Citic International Financial Holdings. BBVA said last year it sold 5.1% of Citic Bank to parent Citic Group Corp., a move that followed other global banks divesting themselves of stakes in Chinese financial institutions as new international rules make it expensive to hold minority stakes in lenders.
