BBVA to double stakes in CITIC

Banco Bilbao Vizcaya Argentaria SA, Spain's second-biggest bank, will double its stakes in units of China's State-owned CITIC Group for 800 million euros to increase revenue from the fastest growing major economy.

BBVA will raise its holding in China CITIC Bank Corp to 10.1 percent from 5 percent, the Bilbao-based bank said in a filing to regulators. The Spanish bank has an option to increase that to 15 percent within two years, it said. BBVA's holding in CITIC International Financial Holdings Ltd, also controlled by CITIC Group, is being boosted to about 30 percent from 15 percent.

China's economy has expanded by more than 10 percent for nine straight quarters, driving consumer and corporate demand for loans and other financial services. In contrast, economic growth is slowing in Spain, Mexico and the US, where BBVA gets 80 percent of its profit.