BBVA eyes rewards of Catalunya Banc purchase

|By:, SA News Editor

BBVA (BBVA +1.6%) says its purchase last night of bailed-out Spanish lender Catalunya Banc will bring in an additional €63B in assets and add an average of €300M ($405M) to its net profit as of 2018.

BBVA was the surprise winner of the auction to buy nationalized bank, beating rivals Santander (NYSE:SAN) and Caixabank (OTCPK:CAIXY) with a €1.2B ($1.62B) offer.

BBVA's expansion makes it the largest largest player in Spain's Catalonia region, pitting it against Caixabank, Spain's largest domestic bank by loans and deposits and the dominant player in the northern region.