Agreement with "Oriental Financial Group Inc."

RNS Number : 3756G

Banco Bilbao Vizcaya Argentaria SA

28 June 2012

 

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), pursuant to the provisions of the Spanish Securities Market Act, hereby proceeds by means of the present document to notify the following

RELEVANT INFORMATION

BBVA has reached today an agreement with "Oriental Financial Group Inc." to sell its business in Puerto Rico for a total price of 500 million USA dollars.

The closing of the transaction is subject to obtaining the required authorizations from the competent regulatory authorities.

As of March 31, 2012, the business of BBVA in Puerto Rico had approximately 5,200 million USA dollars in total assets (which represent less than 1% of the Group´s total assets) and approximately 3,300 million USA dollars in deposits  (ranking in the seventh position by deposits in Puerto Rico, with a 5.9 % market share as of June 30, 2011).

The sale price is equivalent to a 2011 price/earnings ratio of 14.7 times and a price/tangible book value ratio of 1.03 times (as of March 31, 2012).  

Madrid, June 28, 2012

 

END

 

 

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