March 12, 2015 / 8:12 AM / 3 years ago

BBVA nets 520 mln eur capital gain from CITIC stake sale

MADRID, March 12 (Reuters) - Spain’s BBVA said on Thursday it had made a 520-million-euros ($553 million) capital gain from the sale of a 4.9 percent stake in China’s CITIC Bank , more than the 400 million euros the bank had previously flagged.

BBVA has been whittling down its stake in CITIC - of which it still retains 4.7 percent - and agreed in January to sell the 4.9 percent chunk to property developer Xinhu Zhongbao for 1.55 billion euros.

BBVA said in a stock market statement it had completed the 4.9 percent stake sale to intermediary UBS. ($1 = 0.9401 euros) (Reporting by Sarah White, Editing by Elisabeth O‘Leary)

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