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BBVA to Sell Loan Portfolio to Reduce Real Estate Exposure
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Amid plans of further reducing real estate exposure in Spain, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA - Free Report) has agreed to sell its €1 billion ($1.16 billion) property loan portfolio. Per a Reuters report, the portfolio is being sold to the Canada Pension Plan Investment Board, which invests the assets of the Canada Pension Plan.
The bank, the second largest in Spain, has been striving to reduce the non-performing assets from its balance sheet as the property market in Spain witnesses a rebound.
Supported by the economic recovery in the region, banks in Spain have a competitive advantage over the ones in Italy. Spanish banks have been more successful in managing their balance sheets than Italian banks.
Notably, since December 2016, BBVA has been successful in reducing its real estate exposure by nearly €20 billion.
In November 2017, the bank had agreed to sell 80% of its real estate exposure to U.S. fund Cerberus. With a gross value of €13 billion, the deal is expected to be completed by third-quarter 2018.
Notably, shares of BBVA have lost 16.3% in the past year compared with 0.1% decline of the industry.
Shares of Banco de Chile have gained 25.9% over the past 12 months. The Zacks Consensus Estimate for the current-year earnings has inched up nearly 1% over the last 60 days.
Banco Santander-Chile’s shares have gained 26.2% in the past year. The Zacks Consensus Estimate for the current year has remained stable over the last 60 days.
Bank of Montreal’s shares have gained 10.2% over the past 12 months. The Zacks Consensus Estimate for current fiscal’s earnings has climbed 1.5% over the last 60 days.
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Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
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BBVA to Sell Loan Portfolio to Reduce Real Estate Exposure
Amid plans of further reducing real estate exposure in Spain, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA - Free Report) has agreed to sell its €1 billion ($1.16 billion) property loan portfolio. Per a Reuters report, the portfolio is being sold to the Canada Pension Plan Investment Board, which invests the assets of the Canada Pension Plan.
The bank, the second largest in Spain, has been striving to reduce the non-performing assets from its balance sheet as the property market in Spain witnesses a rebound.
Supported by the economic recovery in the region, banks in Spain have a competitive advantage over the ones in Italy. Spanish banks have been more successful in managing their balance sheets than Italian banks.
Notably, since December 2016, BBVA has been successful in reducing its real estate exposure by nearly €20 billion.
In November 2017, the bank had agreed to sell 80% of its real estate exposure to U.S. fund Cerberus. With a gross value of €13 billion, the deal is expected to be completed by third-quarter 2018.
Notably, shares of BBVA have lost 16.3% in the past year compared with 0.1% decline of the industry.
Currently, BBVA carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the same space are Banco de Chile (BCH - Free Report) , Banco Santander-Chile (BSAC - Free Report) and Bank of Montreal (BMO - Free Report) . The stocks currently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Banco de Chile have gained 25.9% over the past 12 months. The Zacks Consensus Estimate for the current-year earnings has inched up nearly 1% over the last 60 days.
Banco Santander-Chile’s shares have gained 26.2% in the past year. The Zacks Consensus Estimate for the current year has remained stable over the last 60 days.
Bank of Montreal’s shares have gained 10.2% over the past 12 months. The Zacks Consensus Estimate for current fiscal’s earnings has climbed 1.5% over the last 60 days.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>