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Spain's BBVA to book cash loss of 120 mln euros on CITIC stake sale
October 17, 2013 / 7:46 AM / 4 years ago

Spain's BBVA to book cash loss of 120 mln euros on CITIC stake sale

MADRID, Oct 17 (Reuters) - Spain’s second-biggest bank BBVA will book a cash loss of 120 million euros ($162 million) on the sale of a 5.1 percent stake in its Chinese partner CITIC Bank Corp, the lender said in a presentation on Thursday.

BBVA had earlier said the deal would have a 2.3-billion-euro negative impact on its 2013 profit after its remaining 9.9 percent stake in CITIC was marked to market while it would have a 2.4-billion-euro positive impact on the lender’s core tier one capital. ($1 = 0.7412 euros) (Reporting by Julien Toyer; Editing by Fiona Ortiz)

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