With this acquisition BBVA is expected to improve its coverage in Catalonia through an acquisition that has no relevant impact on liquidity or capital, and with contained risk.
Unnim Banc’s activities are centered in Catalonia, which is touted to be one of the most attractive and dynamic markets in Spain, said BBVA.
BBVA Chairman Francisco Gonzalez said this operation is good for BBVA and good for Unnim.
"Once again BBVA is demonstrating its confidence in Catalonia and the operation will certainly help to strengthen the Spanish financial system," Gonzalez added.
As per the deal, BBVA will acquire 100% of the share capital of Unnim Banc, and also 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.
