BBVA to Increase Stake in Digital Bank Neon for Around $300 Million
14 Februar 2022 - 9:05AM
Dow Jones News
By Joshua Kirby
Banco Bilbao Vizcaya Argentaria SA said Monday that it is
increasing its stake in the owner of Brazilian online bank Neon
Pagamentos for a consideration of around $300 million.
The Spanish lender has reached an agreement with U.K.-based Neon
Payments on the subscription of 492,692 preference shares,
representing around 22% of the company's share capital, through a
capital increase worth approximately $300 million. Neon Payments
owns Neon Pagamentos outright, BBVA said.
The subscription will increase BBVA's stake in the company to
just under 30%, from around 10% held indirectly currently, the bank
said. The subscription and payment should go ahead this month, and
will entail a consumption of around 10 basis points of BBVA's
common equity Tier 1--a measure of a bank's capital strength--it
said.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
February 14, 2022 02:50 ET (07:50 GMT)
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