Spanish lender BBVA has signed an agreement to sell its 29.7% stake in Hong Kong-based Citic International Financial Holdings (CIFH) to boost its balance sheet.

BBVA sold its stake to the bank’s parent, China Citic Bank, which already owns the remaining 70.3% stake.

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The Spanish bank, in a statement said, that the deal would increase its capital position by EUR700m and slash its profits by EUR25m.

Also, the deal will improve BBVA’s fully loaded common equity Tier 1, a measure of financial strength, by about 20 basis points.

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