Sunday, March 04, 2007

Banking: Spanish banking groups buys into China's CITIC group

Authorities have approved the purchase of a stake in China's CITIC group by Spanish banking group Banco Bilbao Vizcay Argentaria (BBVA), sources with CITIC group have confirmed Friday.

Sources said, BBVA spent 4.885 billion yuan to purchase a 4.83 percent stake in China CITIC Bank (CNCB). It also spent 4.872 billion Hong Kong dollars to purchase 15 percent of CITIC International Financial Holdings (CIFH) in Hong Kong.

Post: 3/10 so far so good