BBVA To Group EUR30 Billion Assets In New Real Estate Unit - Report
November 14 2011 - 2:26AM
Dow Jones News
Spain's Banco Bilbao Vizcaya Argentaria SA (BBVA) has set up a
new business unit that will group together EUR30 billion in assets
tied to Spanish real estate, financial daily Expansion reported
Monday, citing sources at the bank.
The unit, which is led by Antonio Bejar, includes loans to
property developers, assets the bank has foreclosed on and equity
stakes in real estate companies, Expansion says.
BBVA plans to keep most of the assets on its books until the
cycle turns and it can sell with a profit. Some 20% of the assets
are unlikely to recover in price and may be sold off in large
packages to institutional investors, Expansion adds.
Website:
http://expansionpro.orbyt.es/2011/11/13/inmobiliaria/1321202062.html
-By Christopher Bjork, Dow Jones Newswires; +34913958123;
christopher.bjork@dowjones.com
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