Spain's BBVA Unloads $1.3B Stake In China Citic Bank

Law360, New York (October 17, 2013, 3:36 PM EDT) -- Banco Bilbao Vizcaya Argentaria SA is selling a 5.1 percent stake in China Citic Bank Corp. Ltd. to Citic Group, the Chinese bank's parent company, for €944 million ($1.29 billion) in advance of new global financial agreements, the Spanish bank announced today.

The sale will reduce BBVA's stock in Citic to 9.9 percent, putting it just under the 10 percent limit of how much stake one bank can own in another under the Basel III international banking accords, set to kick in next year. By taking...
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