Move Into Asia and United States
In the year 2006, BBVA outbid Banco Santander Central Hispano, Bank of America, and formed an alliance with China CITIC Bank, one of the biggest banks in China by acquiring a stake in the bank and in CITIC International Financial Holdings Limited (CIFH), China Citic Group’s main international arm.
Today, BBVA's investments and position in China are as follows:
- The BBVA Group invested about € 3bn into China CITIC Bank and CITIC International Financial Holdings Limited, the biggest outlay by a Spanish company in mainland China and Hong Kong so far
- BBVA holds a 15% stake in China CITIC Bank (CNCB)
- It owns a 30% stake in CITIC International Financial Holdings (CIFH)
- The alliance between BBVA and CITIC covers the development of retail and corporate banking in mainland China and Hong Kong, one of the fastest growing markets in the world, via CNCB and/or CIFH
- BBVA and CIFH (CITIC Group’s international arm) conduct corporate banking, investment banking and treasury business across the Asia region
- BBVA has directora on CNCB’s and CIFG's boards
- CNCB, whose head office is in Beijing, has assets of €62.2 billion, 13,485 employees (as of June 2006) and 416 branches, distributed throughout mainland China
- CIFH, whose headquarters are in Hong Kong, has assets of €9.3 billion, 1,711 staff and 38 branches
- BBVA aid off around a third of its global-markets staff in Asia in its first cutback in the region since expanding via through a 2007 purchase of a stake in China Citic Bank Corp. (0998.HK). The layoffs were part of global cutbacks by the bank that have reduced wholesale banking staff by 150.
- The cuts amount to 4 percent of BBVA's wholesale banking workforce globally and are a response declining demand.
- The latest manpower cuts reverse BBVA's earlier plan to expand investment banking in Latin America, Asia and the U.S. In 2010, its director of wholesale banking and asset management, Jose Barreiro, said BBVA would hire about 1,000 people in investment-banking, sales trading and asset management over a three-year period, bolstering its businesses like fixed income, commodities and merger advice, particularly in deals between Latin America and Asia.
Read more about this topic: Banco Bilbao Vizcaya Argentaria
Famous quotes containing the words united states, move into, move, asia, united and/or states:
“I do not know that the United States can save civilization but at least by our example we can make people think and give them the opportunity of saving themselves. The trouble is that the people of Germany, Italy and Japan are not given the privilege of thinking.”
—Franklin D. Roosevelt (1882–1945)
“To live and die amongst foreigners may seem less absurd than to live persecuted or tortured by one’s fellow countrymen.... But to emigrate is always to dismantle the centre of the world, and so to move into a lost, disoriented one of fragments.”
—John Berger (b. 1926)
“Propaganda is a soft weapon; hold it in your hands too long, and it will move about like a snake, and strike the other way.”
—Jean Anouilh (1910–1987)
“I have no doubt that they lived pretty much the same sort of life in the Homeric age, for men have always thought more of eating than of fighting; then, as now, their minds ran chiefly on the “hot bread and sweet cakes;” and the fur and lumber trade is an old story to Asia and Europe.”
—Henry David Thoreau (1817–1862)
“To the United States the Third World often takes the form of a black woman who has been made pregnant in a moment of passion and who shows up one day in the reception room on the forty-ninth floor threatening to make a scene. The lawyers pay the woman off; sometimes uniformed guards accompany her to the elevators.”
—Lewis H. Lapham (b. 1935)
“How many people in the United States do you think will be willing to go to war to free Estonia, Latvia, and Lithuania?”
—Franklin D. Roosevelt (1882–1945)