MADRID - Banco Bilbao Vizcaya said it had doubled its holding of the Mexican financial services group Probursa and completed its acquisition of the Royal Bank of Canada's Puerto Rican subsidiary.
BBV said it raised its Probursa stake to 20% by subscribing to a $53 million capital increase, bringing the Spanish bank's total investment to $113 million.
BBV is the largest shareholder and said it is considering raising its stake to 30% the maximum for a non-Mexican owner.
Mexican Powerhouse
Probursa was created in 1991 when the major brokerage house of that name acquired Multibanco Mercantil de Mexico and pooled nine other financial and insurance companies.
BBV did not disclose what it paid for Royal Bank of Puerto Rico, which had about $480 million of assets. The deal was announced in April 1992 and recently received approval from Puerto Rican regulators. The unit is expected to merge with Ban Bilbao Vizcaya-Puerto Rico.
