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Spain’s BBVA Plans $41B RE Unit

Spanish bank Banco Bilbao Vizcaya Argentaria SA intends to establish a $41 billion real estate unit BBVA Real Estate.

Spanish bank Banco Bilbao Vizcaya Argentaria SA (BBVA) intends to establish a $41 billion real estate unit BBVA Real Estate, Bloomberg reports. The unit, consisting of $41 billion worth of loans to developers, foreclosed real estate and interests in property firms, will be headed by AntonioBejar.

BBVA Real Estate will assist the bank in handling its property assets. The real estate unit will not be regarded as a separate “bad bank” because all the assets will be on the balance sheet of BBVA.

Click here for the story from Bloomberg.

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