BBVA eyes Russia but says focus still on Asia

MADRID, June 5 (Reuters) - BBVA (BBVA.MC) would like to get into business in Russia but the landscape there is complex and the Spanish bank is still more focused on Asia, Chairman Francisco Gonzalez said on Thursday.

"I'd like to do more in Russia but it's very difficult. There are no banks big enough in Russia, just one that dominates the market," Gonzalez told a management conference.

"But we're doing so much at the moment that I'd prefer to invest more in India, which is a bigger market with 1.1 billion people. Russia has a huge asset in energy but it will take time to find the right opportunity," he added.

Spain's second-largest lender has expanded aggressively over the in recent years to reduce its dependence on Spain, where economic growth is slowing sharply.

It has already built up a strong presence in Latin America and then added on four banks in the United States and a stake in mainland China's seventh largest bank CITIC (0998.HK).

This week, BBVA doubled its stake in CITIC to 10 percent and agreed an option to buy another 5 percent in the next two years.

BBVA is also doubling its stake in CITIC's international arm CIFH 0183.HK to 30 percent and is working on a series of joint ventures like private banking and consumer finance in the fast-growing Chinese market.

Gonzalez also said BBVA would like to get back into the Brazilian market, having sold its 5 percent stake in Bradesco (BBD.N) (BBDC4.SA) last year.

"We sold it because it was very small and in Brazil you need a certain mass. We will return to the market although I don't know if it will be physically or virtually," said Gonzalez, a keen proponent of new technology in banking.

"The Internet will probably give BBVA another change in Brazil and elsewhere," he added. (Reporting by Jane Barrett; Editing by Rory Channing)