BBVA CEO: To Watch US M&A Possibilities Closely
27 Oktober 2009 - 11:05AM
Dow Jones News
Banco Bilbao Vizcaya Argentaria SA (BBV), Spain's second-largest
financial group, said Tuesday it would closely watch merger and
acquisition possibilities in the U.S.
"We aren't going to change our M&A strategy, the focus is on
the U.S. and we are watching the FDIC operations closely," BBVA's
Chief Executive Angel Cano said in a meeting with analysts.
Earlier this year BBVA purchased U.S.-based bank Guaranty in an
auction managed by the U.S. Federal Deposit Insurance Corporation,
or FDIC.
BBVA assumed $11.5 billion in deposits from Guaranty, while the
U.S. FDIC agreed to absorb potential losses on $11 billion in that
portfolio after it decided to shut down the ailing bank.
Company Web site: www.bbva.com
-By Jason Sinclair, Dow Jones Newswires; 34 91 395 8119;
jason.sinclair@dowjones.com