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Partnership with CDB to allow BBVA access to new deals in infrastructure - Moody's(Regional)
2011-01-07
Partnering with the Chinese Development Bank (CDB) will allow Spanish financial group BBVA (NYSE: BBVA) to gain access to business opportunities in Latin America it would not have had otherwise, especially in infrastructure, Moody's analyst Olga Cerqueira told BNamericas.

 

On Wednesday, the Spanish bank announced it had signed an agreement with CDB to foster cooperation between the two banks' business ventures in Latin America in areas such as project and trade finance, commercial services, derivatives, corporate banking and bonds.

 

"With CDB as an important investor in infrastructure, it will certainly make sense to be associated with a local bank," said Cerqueira, who also added that the benefits of this association will take some time to become visible.

 

BBVA is the leading Spanish investor in Asia, active in trade and infrastructure financing. It has had a presence for more than 30 years, but began expanding more rapidly with the launch of its "Plan Asia" in 2005. In addition, it has recently become the first Spanish bank to offer yuan-denominated transactions to companies and corporations.

 

BBVA owns 15% of Beijing-based China Citic Bank (CNCB) and 29.6% of Citic Bank International, which is based in Hong Kong.

 

BBVA will develop its private banking, pension, and advisory businesses, mainly targeting companies that seek to take advantage of flows between China and Latin America.

 

CDB is a public sector financial institution and is one of China's largest banks by assets. It is the biggest provider of financing of any Chinese bank and has carried out several large scale projects in Argentina, Brazil and Venezuela.


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