Spain’s BBVA set to buy two Texas banks

“Spain’s Banco Bilboa Vizcaya Argentaria SA announced Monday it will buy two Texas banks as it expands from helping immigrants send money back home to becoming active in retail banking.

Madrid-based BBVA said it would pay $2.16 billion cash for Texas Regional Bancshares Inc., the parent of Texas State Bank, and about $480 million for State National Bancshares Inc.

The Spanish bank said both of its targets are profitable, fast-growing institutions that, combined with its presence in Mexico and the rest of Latin America, boost BBVA in the U.S. Hispanic market. BBVA paid $850 million for Laredo National Bancshares last year, and also acquired a small California bank in 2004.”

Stumble it! | |