Spanish Bank BBVA's China StrategyBy
A year after the collapse of Lehman Brothers, many banks and financial institutions around the world are still struggling. Banks in Spain, though, behaved conservatively during the boom and are now in good shape to continue their expansion through acquisitions and joint ventures. Spain's big banks, typically most aggressive in Latin America, increasingly are looking to expand in Asia. For good reason: China is on pace to grow over 8% this year, and many other Asian countries recently have been enjoying economic revivals. Moreover, many Spanish companies, including fast-fashion retailer Zara's parent, Inditex, are looking to Asia as their next market for growth. On Sept. 6, Telefónica, Spain's largest telecommunications operator, confirmed that it will increase its stake in telecom operator China Unicom from 5.38% to 8.06%.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.