More NewsBrazilian Sale Reduces Ratings Pressure on BBVA

Brazilian Sale Reduces Ratings Pressure on BBVA

Banco Bilbao Vizcaya Argentaria has sold its Brazilian affiliate BBV Banco to Banco Bradesco, S.A. for Brazilian reais 2 billion in cash plus 4.5% of Bradesco’s share capital. The Spanish bank had already amortized the $491 million in goodwill generated in its Brazilian investments. The remaining loss on the transaction has already been charged against reserves as a result of the depreciation of the Brazilian real since BBVA’s initial investment in 1998. Ratings agency Standard & Poor’s said the sale ‘effectively diminished the downward pressure on the bank’s ratings’. The bank’s negative outlook continues to reflect, however, BBVA’s exposure to heightened economic risk in Latin America.

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