南华证券 –中信国金(183)研究报告 061201 pdf

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A leverage play on China and possibly Asian banking
• Partnership with BBVA confirmed
• BBVA acquires a 5% stake in CNBN from CITIC Group for 501m euros at 3.3X FY06
estimated book value
• BBVA will take a 15% stake of the enlarged share capital of CIFH
• Possible business cooperation and proposed merger or acquisition of CIFH and BBVA’s
existing Asian banking businesses may lead to an increase in BBVA’s stake in CIFH
• To ensure that CIFH’s interest in CNCB will not be less than 15%, CIFH has entered into
the Top Up Agreement with CNCB and CITIC Group