BBVA CEO: To Watch US M&A Possibilities Closely
MADRID -(Dow Jones)- 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
(END) Dow Jones Newswires
10-27-090550ET
Copyright (c) 2009 Dow Jones & Company, Inc.
|