BBVA, Telefonica to Create JV in Colombia
December 03 2020 - 12:29PM
Dow Jones News
By Giulia Petroni
Banco Bilbao Vizcaya Argentaria SA said Thursday that it has
agreed to create a joint venture called Movistar Money Colombia
with Telefonica SA in Colombia.
The Spanish companies will have equal control over the venture,
with operations expected to begin in the second quarter of
2021.
Movistar Money will offer loans to the over 19 million customers
Telefonica has in the country, according to BBVA. The current
agreement is limited to Colombia, but the companies will consider
expanding it to other South American countries.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
December 03, 2020 12:14 ET (17:14 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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