By David Roman and Christopher Bjork
MADRID-Banco Bilbao Vizcaya Argentaria SA said Friday it's
selling a 4.9% stake in China Citic Bank Corp. to local firm Xinhu
Zhongbao, for HK$13.14 billion ($1.7 billion).
The move will dilute BBVA's stake in Citic to 4.7%, the Spanish
bank said in a regulatory statement.
BBVA has been selling off assets in China in recent months, as
it looks to bolster its balance sheet. In December, it announced
the sale of its remaining stake in a Citic International, a Hong
Kong-based financial-services firm, for 845 million euros ($1.03
billion),
In October 2013, BBVA cut its stake in China Citic to just below
10%, as it sought to shore up its finances, which were hit hard by
the collapse of Spain's property market during the eurozone's
financial crisis.
Write to David Roman and Christopher Bjork at David. Roman