BBVA sells 30% share in Citic for £675m

Spanish bank BBVA is to sell it's 29.68% stake in Citic International Financial Holdings Limited (CIFH) to China CITIC Bank Limited (CNCB).

The sale is valued at 8.16bn Hong Kong dollars (approximately £675m) and is subject to regulatory approval.

Following this deal, CNCB will own 100% of its subsidiary headquartered in Hong Kong.

BBVA added in a statement that the sale will have a negative impact on the bank's consolidated financial earnings of approximately €25m (£19.6m).