Banco Bilbao Vizcaya Argentaria has sold its Brazilian affiliate BBV Banco to Banco Bradesco, S.A. for Brazilian reais 2 billion in cash plus 4.5% of Bradesco’s share capital. The Spanish bank had already amortized the $491 million in goodwill generated in its Brazilian investments. The remaining loss on the transaction has already been charged against reserves as a result of the depreciation of the Brazilian real since BBVA’s initial investment in 1998. Ratings agency Standard & Poor’s said the sale ‘effectively diminished the downward pressure on the bank’s ratings’. The bank’s negative outlook continues to reflect, however, BBVA’s exposure to heightened economic risk in Latin America.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.