BBVA and CITIC have formed a new agreement under the umbrella of their strategic collaboration. BBVA will increase its stake in CITIC International Financial Holdings Ltd, (CIFH), a company listed on the Hong Kong stock exchange, to 30%, and to lift its interest, direct and indirect, in Chinese financial entity, China Citic Bank (CNCB), to approximately 10.07%.

The execution of the agreement will entail an outlay by BBVA of € 800 million. BBVA will further hold a two-year call option which if exercised would enable it to lift its stake in CNBC to 15%.

With this new agreement, BBVA is making progress on its Asian growth strategy, particularly in China. In addition, BBVA is emerging as one of the few international banking groups with a significant presence in these markets in the form of a strategic collaboration agreement with an important Chinese business group.