BBVA of Spain Plans to Create $41 Billion Real-Estate Unit

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.

To contact the reporter on this story: Sharon Smyth in Madrid at

To contact the editor responsible for this story: Andrew Blackman at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.