On 13 May 2009, Banco Bilbao Vizcaya Argentaria S.A. (BBVA) announced that it will enter into a joint venture with China CITIC Bank (CITIC Bank) to provide auto finance and private banking services, which are high-growth areas in the Chinese market. Although we are encouraged by the company's growing presence throughout Latin America and China, which should drive long term growth, we remain concerned about the impact of the economic downturn over our investment horizon....

Banco Bilbao Vizcaya Argentaria S.A. (BBVA) has reported stronger-than-expected results for 1Q 09, as lending growth boosted the top-line while operating costs were kept under control. However, a rise in impairment losses and in Non-Performing Assets (NPA) eroded the bottom-line and point towards deteriorating asset quality. Considering this, as well as the weak macroeconomic outlook in BBVA’s key markets, we maintain our 6-12 month HOLD rating. We will reassess our…

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On 28 January 2008, Banco Bilbao Vizcaya Argentaria S.A. (BBVA) reported disappointing 4Q 08 results. Although the bank continues to achieve robust loan growth in most markets, its fee and trading income has fallen as a result of the current turbulence in financial markets. Given the sensitivity of the banking sector to heightened market volatility, we maintain our HOLD rating for the BBVA common stock, even though the target price…