BBVA sells down Citic Bank stake

Spanish lender offloads a 5.1% stake in its Chinese counterpart for $1.27 billion, the latest western bank to cut back its China exposure in an effort to raise funds.

BBVA and Citic Bank have agreed to modify their strategic agreement to release the European bank from an exclusivity obligation.

Jing Song

October 17, 2013

BBVA, Spain’s second-biggest bank, has sold a 5.1% stake in China Citic Bank for $1.27 billion in an effort to improve its balance sheet, marking another selldown of a Chinese bank by under-capitalised US and European lenders.

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