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News > International
Telefonica in bank deal
February 11, 2000: 11:06 a.m. ET

Spanish telecom No.1 links with top bank BBVA to boost online service
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LONDON (CNNfn) - Spain's leading telecom operator Telefonica and the country's largest bank, Banco Bilbao Vizcaya Argentaria (BBVA), announced a wide-ranging strategic alliance Friday focused on online banking and e-commerce services in Europe and Latin America.
    Telefonica and BBVA said they will increase their existing cross shareholdings, jointly launch an Internet investment fund and jointly develop BBVA's Uno-E Internet bank.
    BBVA - which overtook Spanish market leader BSCH in terms of market value when it was formed last October - will lift its stake in Telefonica from 8 to 10 percent. Telefonica will take a 3 percent stake in BBVA and increase its stake in BBVA's Uno-E online banking arm from 20 to 49 percent. Juan Villalonga, the telephone company's chairman, will become deputy chairman of BBVA.
    The announcement came on the day that Lloyds TSB (LLOY), Britain's largest bank, announced plans for a pan-European Net bank, which will launch first in Spain.
    Shares of Telefonica and BBVA were suspended ahead of the announcement. Telefonica, which has been in alliance talks with British Telecommunications (BTA), rose 3 percent from its Thursday close when trading resumed, while BBVA rose 5 percent. Back to top
    -- from staff and wire reports

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.