BBVA to book 265 mln euros on Colombian pension fund sale
MADRID Dec 24 (Reuters) - Spanish bank BBVA said on Monday it expects to book net capital gains of 265 million euros ($349.1 million) from the sale of its entire stake in a Colombian pension fund for $530 million to a subsidiary of Grupo Aval.
The sale price of 'BBVA Horizonte Sociedad Administrado de Fondos de Pensiones y Cesantias S.A' represents a ratio of 13.6 times expected earnings in 2013 and the deal is expected to be finalised in the first half of 2013.
Spanish banks, hit by the burst of a real estate bubble five years ago that forced the country's government to ask Europe for a 100 billion credit line for its lenders, are in the process of selling off non-core assets to strengthen their balance sheets. ($1 = 0.7590 euros) (Reporting By Jesús Aguado; editing by Paul Day)
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