BBVA Injects $117M into Its U.S. Bank for Simple Acquisition

Banco Bilbao Vizcaya Argentaria has pumped $117 million into its U.S. bank to fund the purchase of online banking startup Simple.

The Spanish company disclosed in a regulatory filing Thursday that it transferred to capital earlier this month to BBVA Compass Bancshares in exchange for roughly 2.2 million new shares in the Birmingham, Ala., bank.

The $820 billion-asset BBVA said in its filing that a portion of the capital would be used to pay certain amounts that are due in connection with the acquisition of Simple Finance Technology Corp.

BBVA agreed on Feb. 20 to buy Simple for $117 million.