BBVA not planning to sell Telefonica stake at current prices-CEO
MADRID, April 26
MADRID, April 26 (Reuters) - Spain's BBVA said it was not planning to sell its 5.75 percent stake in telecoms group Telefonica, although it said its holding was a financial investment, rather than a strategic one.
BBVA, whose stake is currently worth 2.9 billion euros ($3.7 billion), is not interested in selling at current market prices, the bank's Chief Executive Angel Cano said on a call with analysts to present the bank's first quarter results.
Telefonica's share price has fallen some 40 percent since early 2010, when the euro zone debt crisis began, and was trading at around 11 euros on Friday morning. ($1 = 0.7689 euros) (Reporting by Robert Hetz, writing by Sarah White)