BBVA agrees investments in China, Hong Kong
By Simon Kennedy, Last Update: 6:12 AM ET Nov 22, 2006

LONDON (MarketWatch) -- Spain's Banco Bilbao Vizcaya Argenta (BBV said it has agreed to buy a 5% stake in China CITIC Bank for 501 million euros ($643 million) and a 15% stake in Hong Kong-based CITIC International Financial Holdings for 488 million euros. BBVA said the deal is part of a strategic alliance with CITIC Group to develop retail and wholesale banking products in China. BBVA added it has an option to further increase its stake in both firms.

Source: http://www.marketwatch.com/News/Story/Story.aspx?guid=%7bED1AB5D1-B9C5-4620-B205-4902E31C060E%7d&siteid=yhoo&dist=yhoo