Spanish bank relies on its South American subsidiaries
Spain’s second largest bank has revealed that its Latin American business made up for the slowdown in its home economy, it has been reported.
Banco Bilbao Vizcaya Argentaria (BBVA) avoided becoming another victim of the global credit crunch despite the growing inability of Spaniards to pay their debts, according to Forbes.
In an article entitled BBVA Love Latin America, Worries About Spain, it is reported that the slowdown in Spain’s economy caused the bank problems, but an analyst suggests they were resolved due to the bank’s dealings in the American continent.
Mario Lodos, an Lbersecurities analyst in Madrid, said that BBVA’s good performance was linked to its businesses in Latin America and the fact the bank operates in about ten South American countries.
He added that the bank reported a net profit rise of nearly one-fifth (19.8 per cent) reaching €181 million (£143 million) through its subsidiaries on the continent.
People considering buying property in Brazil could be interested to hear that the country has proven to be a more reliable place to conduct business than Spain.
Meanwhile, earlier this month an industry advisor revealed that Spain’s buy-to-let market was suffering as rental yields had been "abysmal" for many years.
Investment website Spanishpropertyinsight.com revealed the market was struggling due to property being bought and not let out.
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