BBVA completed the sale of its subsidiary in the United States to PNC for 11,500 million dollars, after having obtained the necessary regulatory authorizations, as reported to the National Securities Market Commission (CNMV).
The results generated by BBVA’s US subsidiary since the transaction was announced in November 2020 and the sale closed this week have had an added positive impact on the BBVA Group’s Common Equity Tier 1 ‘fully loaded’ ratio of approximately 294 basis points, of which 24 basis points have already been recorded in said ratio between the announcement date and the close of the first quarter of 2021.
Likewise, a net tax profit of approximately $ 580 million was generated, of which $ 479 million has already been included in the group’s results between the announcement date and the close of the first quarter of 2021.
BBVA announced that it will continue to develop its institutional and wholesale business in the US through its broker dealer BBVA Securities Inc. and its branch in New York. Likewise, it maintains its investment activity in the fintech sector through its participation in Propel Venture Partners US Fund I.
Source: The Nation
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