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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

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  10-27-090550ET
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