BBVA €1.187 billion acquisition of CatalunyaCaixa

Overview:

• BBVA has acquired CatalunyaCaixa for €1.187 billion after a competitive auction.
• The bank has been privatised by the Spanish state rescue fund Fondo de Reestructuración Ordenada Bancaria (FROB).
• The deal followed the sale of Catalunya's mortgage loan portfolio known as Hercules to Blackstone.
• The deal sees BBVA increase its Spanish loan portfolio by 14%, its deposits by 23% and its customer base by 18%.
• The deal follows an earlier deal where BBVA acquired Unnim Banc from FROB.

Sam Duke - Editor