Spanish banking group BBVA has signed an agreement with the Chinese Development Bank (CDB) establishing the framework for cooperating in different business areas outside China, mainly Latin America.
The agreement aims to foster cooperation between the two banks in business ventures outside China, mainly Latin America, in areas such as project and trade finance, commercial services, derivatives, corporate banking and bonds.
This agreement comes on top of BBVA’s strategic alliance with China Citic Bank.
CDB is a public financial institution operating under the direct jurisdiction of China’s central government. It is one of the country’s largest banks by assets. CDB has carried out several large scale projects in Latin America (in Argentina, Brazil and Venezuela).
BBVA has recently become the first Spanish bank to offer renminbi-denominated transactions to companies and corporations.