How the Sunbelt and Mexico Bailed Out Spain's BBVA

Globalization in a time of economic distress makes for strange bedfellows. India now owns Jaguar, that longtime British icon. Angola, flush with oil money, is buying up assets in colonizer Portugal. And get this: Spain’s second-largest bank, Banco Bilbao Vizcaya Argentaria—soaked in cheap central bank euros and based in a home market experiencing outright depression—is drawing badly needed profits from a U.S. Sunbelt subsidiary that is the official bank of the NBA.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.