Monday, March 10, 2008

Spanish BBVA to enter India through PSB JV

Spanish financial services group BBVA SA has identified India as one of its key markets in Asia and plans to enter the country through a joint venture with a public sector bank (PSB).
The roadmap over next three-four years involves a mutual funds venture followed by projects in consumer finance, credit cards and later, life insurance.

BBVA’s Asia general manager Manuel Galatas said that BBVA plans to enter MF market through a JV with a PSU Bank. They are talking with two PSB. It is believed that the two PSBs are Bank of India & Corporation Bank.

Some time ago BBVA was in talks with Union Bank of India for a mutual funds joint venture, but it is now understood that the Union Bank has zeroed in on Belgium’s KBC Group NV as its partner for its mutual funds business.

BBVA with a market capitalization of €53 billion (Rs3.2 trillion) and more than 8,000 branches worldwide, is also open to acquisitions of mid-sized banks here, when the regulatory environment permits. The Spanish company entered India in April last year with a liaison office in Mumbai.

For full article read Mint

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