Banco Bilbao Vizcaya Argentaria SA Closing BBVA USA sale (4654A)
June 01 2021 - 8:47AM
UK Regulatory
TIDMBVA
RNS Number : 4654A
Banco Bilbao Vizcaya Argentaria SA
01 June 2021
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), in compliance with
the Securities Market legislation, hereby communicates the
following:
INSIDE INFORMATION
Further to the Relevant Events published on November 16, 2020,
with registration numbers at the Spanish CNMV 575 and 576, BBVA
informs that, as of today, after obtaining all required
authorizations, BBVA has completed the sale to The PNC Financial
Services Group, Inc. of 100% of the capital stock of its subsidiary
BBVA USA Bancshares, Inc., which in turn owns all the capital stock
of the bank, BBVA USA.
The consideration received in cash by BBVA, as consequence of
the referred sale, amounts to approximately 11,500 million USD
([1]) (equivalent to approximately 9,600 million euros ([2]) ).
The accounting of both the results generated by BBVA USA
Bancshares since the announcement of the transaction and of its
closing today, have had an aggregate positive impact on the BBVA
Group's Common Equity Tier 1 ("fully loaded") ratio of
approximately 294 basis points (of which 24 basis points have
already been accounted for in such ratio between the date of the
announcement and the end of the first quarter of 2021) and a profit
net of taxes of approximately 570 million euros (479 million euros
of such have been accounted for in the BBVA Group's result between
the date of the announcement and the end of the first quarter of
2021) ([3]) .
The BBVA Group will continue to develop the institutional and
wholesale business in the US that it currently carries out through
its broker dealer BBVA Securities Inc and its branch in New York.
BBVA will also maintain its investment activity in the fintech
sector through its participation in Propel Venture Partners US Fund
I, L.P.
Madrid, June 1(st) , 2021
([1]) Which corresponds to the purchase price provided in the
share purchase agreement minus the agreed closing price
adjustments.
([2]) EUR/USD exchange rate of 1.20.
([3]) As previously indicated in the referred Relevant Events
from November 16, 2020, the results that BBVA USA Bancshares, Inc.
has been generating, as well as the positive impact, mainly, of
these results on the Common Equity Tier 1 fully loaded ratio have
been reflected in the financial statements of BBVA Group. The
calculation of the impact on Common Equity Tier 1 has been made
taking into account the amount of the transaction in euros and BBVA
Group's financial statements as of March 2021.
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END
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