BBVA completes the sale of AFP Provida- Chile

RNS Number : 5048P

Banco Bilbao Vizcaya Argentaria SA

02 October 2013

 



Banco Bilbao Vizcaya Argentaria, S.A. ("BBVA"), in compliance with the Securities Market legislation, hereby communicates the following:

RELEVANT INFORMATION

Further to the relevant information disclosed by BBVA to the markets on February 1, 2013, and after the necessary approvals having been obtained, BBVA announces that it has completed the sale of the entirety of its approximately 64.3% interest in Chilean pension fund manager Administradora de Fondos de Pensiones Provida S.A. ("AFP Provida" or the "Company") to subsidiaries of MetLife, Inc.

The total amount in cash received by BBVA in connection with the sale of its approximately 64.3% interest in the Company is approximately  1,540 million U.S. dollars ("USD"), taking into account the purchase price amounting to roughly 1,310 million USD as well as the dividends paid by AFP Provida since February 1, 2013 amounting to roughly 230 million USD[1]. The capital gain net of taxes arising from the transaction amounts to approximately € 500 million.

Madrid, October 2, 2013

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[1] An exchange rate of 1 USD = 504.93 Chilean Pesos (CLP) as of September 30, 2013 has been considered for the dividends paid.

 

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