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BBVA expects profit boost from Catalunya Banc purchase

Source: Reuters - Tue 22th Jul 2014
BBVA expects profit boost from Catalunya Banc purchase

BBVA said on Tuesday its acquisition of local peer Catalunya Banc would add an average EU300 Mln annually to its net profit from 2018, and entail EU450 Mln in restructuring costs.

BBVA, which makes most of its profit outside Spain, said late on Monday it was buying the bailed-out lender off the state for up to EU1.2 Bln, the latest of its purchases in the wake of a 2008 real estate market crash that felled many smaller banks.

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