Latin America; Cuba; Kazakhstan; Asia
Edited by Brian Caplen
BBV's director general Gonzalo Terreros says: "Acquiring minority stakes in banks or taking the joint venture route means we do not have to go it alone in these markets which, although they share a common language with Spain, may require quite different strategies that are better understood by local partners.
"This approach also helps to limit our exposure to any one market. It would have cost us double the $1.2 billion we've invested so far had we gone for majority control of each bank." Terreros estimates total investment of $1.8 billion to $2 billion will be required to cover BBV's initial Latin American ambitions.