By David Román
MADRID- Banco Bilbao Vizcaya Argentaria SA has agreed to sell a
stake in a Hong Kong-based financial-services firm for EUR845
million ($1.03 billion), a move that will help bolster the balance
sheet of Spain's second largest bank.
BBVA said in a regulatory filing on Tuesday that it is selling a
29.7% stake in Citic International Financial Holdings Limited to
the firm's parent, China Citic Bank Corp., already the owner of the
remaining 70.3% stake.
BBVA has long been a partner of China Citic.
But the Spanish bank has lowered its exposure to China in recent
years 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.
In October 2013, BBVA cut its stake in China Citic Bank Corp. to
just below 10%.
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