BBVA’s acquisition of a stake in Chinese banks CITIC and CITIC International, both controlled by Chinese conglomerate CITIC, does not mean the Spanish bank is ruling out other acquisitions, says chairman and CEO Francisco González. “We are open to all areas of the world. It is evident that Spain, which [accounts for] 45% of profits, should not be more than 20% in four to five years. Thus we want to grow in Latin America, where we believe a more normal business cycle has taken over from the old boom-bust cycles, and in the US and Asia, and if opportunities arise, in eastern Europe or Turkey,” he says in an interview in the bank’s Madrid headquarters.
BBVA, which posted third quarter results in October in line with market expectations, announced in November a €3bn placing of new shares with large institutional shareholders in an effort to increase its depleted core capital to its target of more than 6%. Analysts believe that the bank is also ensuring it is in a position to take advantage of other acquisition opportunities.
