Banco Bilbao Vizcaya Argentaria S.A. To Sell Its Total Stake In Colombian Pension Fund To Sociedad Administradora de Fondos de Pensiones y Cesantias Porvenir SA


Monday, 24 Dec 2012 05:22am EST 

Banco Bilbao Vizcaya Argentaria S.A. (BBVA) announced that it has reached an agreement with Sociedad Administradora de Fondos de Pensiones y Cesantias Porvenir SA, a subsidiary of Grupo Aval Acciones y Valores SA, for the sale to the former of a total stake that BBVA holds directly or indirectly in the Colombian company BBVA Horizonte Sociedad Administradora de Fondos de Pensiones y Cesantias SA. The closing of the transaction will take place only after all Colombian regulatory authorizations have been obtained. The total price agreed is USD 530 million (COP 941,731 million), which shall be adjusted in view of the Company's net income from January 1, 2013 until the closing date. It is anticipated that the closing of the transaction will take place in the first half of 2013 and that the net capital gain of taxes arising from the transaction will amount to approximately EUR 265 million.