BBVA Chairman: Likely to Buy Something In Spain Eventually

Banco Bilbao Vizcaya Argentaria SA (BBVA), Spain's No. 2 bank by market value, doesn't rule out potential acquisitions in Spain as the local savings bank sector consolidates, BBVA Chairman Francisco Gonzalez said Wednesday.

"Of course there will be opportunities in Spain," Gonzalez said at a press conference to present the bank's fourth-quarter results. "Probably we will end up buying something here, eventually."

Spanish authorities last year forced through a wave of mergers that reduced the number of cajas to 17 from 45. Now, Spain is pushing these mutually-owned lenders to raise more capital. Analysts forecast further consolidation and restructuring in the sector, as the weakest cajas are absorbed by stronger ones.

Earlier Wednesday, BBVA outlined plans to grab a big chunk of the Spanish banking market over the next three years as ailing savings banks restructure.

The announcement came as Spain's second-largest bank by assets reported a jump in fourth-quarter profits backed by robust growth in Latin America, which offset weakness in Spain.

-By Christopher Bjork, Dow Jones Newswires; +34913958123; christopher.bjork@dowjones.com

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