BBVA sees prompt LatAm recovery

By Judy MacInnes and Jesus Aguado

MADRID (Reuters) - Spain's BBVA (BBVA.MC) expects the Latin American economy to be among the first to recover from the global crisis, the bank's head of operations for the region said on Tuesday.

"This time round the crisis is not Latin America's. It has met with a solid financial system this time and there are no major structural problems," Vicente Rodero told the Reuters Latin American Investment Summit in Madrid.

Against a backdrop of an expected recovery between end-2009 and early 2010, Spain's second-largest bank is eyeing expansion possibilities, particularly in Brazil, the region's main economy.

But for the time being, there are no growth opportunities in this market which is already well consolidated, Rodero said.

"We would like to have a franchise in Brazil, but we have not come across any opportunity and I don't think there will be any at present. The banks are very strong there, they are growing and do not have capital or liquidity problems," he said.

BBVA is also keen to grow its presence in Chile, where it currently has a 7 percent market share, and in Colombia, where it has 11.5 percent.

Other potentially attractive buy opportunities will be found in the Latin American financial markets, given that many of the listed companies are very dependent on international trade.

These assets will be among the first to appreciate in value after the crisis due to the potential for recovery in the region, Rodero said.