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

Nov. 14 (Bloomberg) -- Banco Bilbao Vizcaya Argentaria SA 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 ssmyth2@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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