BBVA said yesterday that it was shoring up its balance sheet by selling its near-30 per cent share in the Hong Kong-based bank Citic International Financial Holdings Limited at a loss.
The Spanish lender said the €845m sale of CIFH back to its parent company, China’s Citic Bank Corporation Limited (CNCB), would lift its capital position by €700m and cut profits by €25m.
Tougher new rules on capital ratios and banks’ ownership of more than 10 per cent of other financial entities have forced banks to set aside more cash and sell some of their investments.
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