BBVA TO DELAY SHARE PURCHASE IN CHINA BANKS
AsiaInfo Services, January, 2008
AsiaInfo Services 01-21-2008 BBVA to Delay Share Purchase in China Banks BEIJING, Jan 21, 2008 (SinoCast via COMTEX) -- Banco Bilbao Vizcaya Argentaria SA (BBVA), Spain's second largest financial group by market value, plans to slow pace in buying more shares in China CITIC Bank Corporation Ltd.
(SEHK: 0998 and SHSE: 601998) and CITIC International Financial Holdings Ltd. (SEHK: 0183). In 2006, BBVA bought 4.83% and 15% stakes in the two Chinese financial institutions, for CNY 4.89 billion or USD 641.8 million and HKD 4.88 billion or USD 624.6 million, respectively. In June 2007, it announced that it was scheduled to enlarge its holdings in the two institutions to more than 10% and 25%, with a further investment of about USD 1.35 billion. The main reason for the...
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