BBVA Chairman: Merger With Bankia Would Be Very Difficult
February 02 2012 - 8:23AM
Dow Jones News
A potential merger between Banco Bilbao Vizcaya Argentaria SA
(BBVA) and Bankia SA (BKIA.MC) would be difficult to execute
because of its size and potential systemic risks, BBVA Chairman
Francisco Gonzalez said Thursday.
As Spanish authorities seek to overhaul the country's ailing
savings banks, Bankia--the result of a merger between seven savings
banks--has emerged as a target for consolidation.
A hypothetical merger between BBVA and Bankia "would create such
a large player, that we'd probably create a problem," Gonzalez said
at a press conference to present BBVA's full-year earnings.
"It's important that the restructuring creates stronger banks
that are less systemic," Gonzalez added.
-By Christopher Bjork, Dow Jones Newswires; +34913958123;
christopher.bjork@dowjones.com
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