BBVA, Spain's second- largest bank, yesterday announced that it had spent a further €1bn ($1.5bn) to lift its stake in China Citic Bank, cementing its strategic position in the mainland's banking market.
The European lender previously owned a 10 per cent stake but has exercised an option to acquire a further 5 per cent holding in the bank's Hong Kong-listed shares. Single foreign groups can invest up to a maximum 20 per cent in a Chinese bank.
The Financial Times reported last month that BBVA was preparing to increase its stake in China Citic. BBVA purchased the shares at HK$6.45, a price that was fixed when the bank initially invested in China Citic three years ago. The Chinese bank's shares closed yesterday at HK$6.69.
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