BBVA buys Catalunya Banc
BBVA has acquired 100% of Catalunya Banc, significantly strengthening its presence in the Catalan region.
BBVA came first in the bid for the acquisition, ahead of Banco Santander and Caixabank, who also competed for the sale.
The acquisition will be made for €1.187bn, Spain’s Fondo de Reestructuración Ordenada Bancaria (Frob) has announced.
Catalunya Banc was founded in 2010 following the merger of three Catalan saving banks and was then nationalised in 2011 by the government in Madrid, which invested some €12bn to keep it alive.