BBVA takes one more step into China

June 2008 | M&A News Alert

Spanish Financial Group Banco Bilbao Vizcaya Argentaria (BBVA) said on May 3 that it will invest US$1.25bn in Chinese banking giant Citic Group, in another demonstration of the firm's strong focus on emerging markets. BBVA, Spain's second largest financial group (with a market capitalisation of US$94bn), has survived the sub-prime crisis relatively unscathed, with little exposure in the US. BBVA has already invested US$1.54bn in Citic Group, and with this latest investment the bank is positioning itself to continue its aggressive record of expansion into the hugely lucrative Chinese market.

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