Banco Bilbao Vizcaya Argentaria SA (BBVA) plans to create a unit comprised of 30 billion euros ($41 billion) of loans to developers, foreclosed real estate and stakes in property companies.
The new unit, BBVA Real Estate, will be led by Antonio Bejar and will help the Bilbao, Spain-based lender to manage its property assets, a spokesman said. He declined to be cited by name in line with company policy.
BBVA Real Estate won’t be considered a separate “bad bank” because all the assets will remain on BBVA’s balance sheet, the spokesman said.
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