This area currently encompasses the Group’s business in the United States and the assets and liabilities of the BBVA office in New York, which specializes in transactions with large corporations.
In the second quarter of 2012, BBVA reached an agreement with Oriental Financial Group for the sale of its business in Puerto Rico for USD 500m. The transaction was closed on December 16, 2012. BBVA Puerto Rico accounted for less than 1% of the Group’s total assets and, according to data as of the end of June 2012, had 36 branches and 912 employees. Its small size (it is the seventh bank by deposits on the island, with a market share of under 6% according to the latest available information) limits the possibility of implementing the BBVA model, which aims for large markets and requires a bigger market share. The deal has had a positive effect on the Group’s capital.