Deals
Citic Bank Buys BBVA’s Stake in Financial Unit for $1.05 Billion
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China Citic Bank Corp., a unit of the nation’s largest state-owned investment firm, agreed to buy Banco Bilbao Vizcaya Argentaria SA’s holding in a financial-holding unit for HK$8.16 billion ($1.05 billion).
The purchase of BBVA’s 29.7 percent stake will make Citic International Financial Holdings Ltd. wholly owned, Citic Bank said in a Hong Kong stock exchange filing yesterday. CIFH holds commercial banking interests and non-bank financial services stakes outside mainland China, the Beijing-based bank said.