Spain’s second-largest bank by assets BBVA has
completed the integration of US subsidiary Guaranty into its own US
network, and rebranded under the BBVA Compass moniker the 105 Texan
and 59 Californian branches acquired as part of the deal last
year.
In snapping up Guaranty, BBVA signed a
purchase agreement with the Federal Deposit Insurance Corporation
(FDIC), in terms of which BBVA acquired $12 billion of assets,
assumed $11.5 billion of deposits and entered into a loss-sharing
agreement with the FDIC covering all of the acquired loans.
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Since entering the US market in 2004, BBVA
Compass has grown its US branch network to 724 outlets across seven
southern states: Texas, Alabama, Arizona, California, Florida,
Colorado and New Mexico.
In fiscal 2009, BBVA’s US unit posted a €1.1
net loss after provisions of €1.4 billion, compared to a profit of
€211 million in the previous year.
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