BBVA to Invest $50 Million in Chinese Venture Capital Fund
April 17 2018 - 4:29AM
Dow Jones News
By Pietro Lombardi
Banco Bilbao Vizcaya Argentaria SA (BBVA.MC) said Tuesday that
it will invest $50 million in Chinese venture capital fund
Sinovation Fund IV.
The $500 million fund focuses on artificial intelligence. It is
run by Sinovation Ventures and led by the former president of
Google China, Kai-Fu Lee, BBVA said.
"The investment will give BBVA insight and access to the growing
Chinese innovation market, especially around AI," the bank
said.
It will also give the Spanish lender the opportunity to coinvest
in Chinese technological startups in the field, it added.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
April 17, 2018 04:14 ET (08:14 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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