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Current news 07 Mar 2012

FROB awards Unnim Banc to BBVA

The BBVA Group acquires Unnim Banc after winning a competitive auction held by Spain’s Fund for Orderly Banking Restructuring (or FROB). BBVA improves its coverage in Catalonia through an operation that has no relevant impact on liquidity or capital, and with contained risk.

BBVA strengthens its presence in Catalonia through an operation with a clear strategic goal. Unnim Banc’s activities are centered in that region, which is one of the most attractive and dynamic markets in Spain.

This operation is good for BBVA and good for Unnim,” BBVA Chairman Francisco González said. “Once again BBVA is demonstrating its confidence in Catalonia and the operation will certainly help to strengthen the Spanish financial system,” he added.

The announcement puts an end to the uncertainty surrounding the future of Unnim Banc, which will now become part of one of Spain’s soundest banking groups. Under the operation BBVA will acquire 100% of the share capital of Unnim Banc for €1. In addition, the transaction includes an asset-protection scheme in which the Deposit Guarantee Fund will assume 80% of the losses incurred in a pre-established portfolio of Unnim Banc assets.

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