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BBVA says expects profit boost from Catalunya Banc purchase
July 22, 2014 / 8:07 AM / 3 years ago

BBVA says expects profit boost from Catalunya Banc purchase

MADRID, July 22 (Reuters) - Spain’s BBVA said on Tuesday its acquisition of local peer Catalunya Banc would add an average 300 million euros ($405.15 million) annually to its net profit from 2018, and entail 450 million euros in restructuring costs.

BBVA, which makes most of its profit outside Spain, said late on Monday it was buying the bailed-out lender off the state for up to 1.2 billion euros, the latest of its purchases in the wake of a 2008 real estate market crash that felled many smaller banks. ($1 = 0.7405 Euros) (Reporting by Sarah White, Editing by Sarah Morris)

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