While many Spanish banks have found themselves struggling amid a prolonged economic downturn at home--prompting Moody's Investors Service to lower its long-term ratings on 28 Spanish banks, including BBVA, last month--BBVA's large and profitable operations overseas have left it less vulnerable to domestic pressures than some of its peers. For example, in the first quarter this year, almost half of BBVA's profit came from Latin America.
Spain's second-largest bank by market value after Banco Santander SA has also ramped up its presence in Asia in recent years by opening branches in Seoul and Taipei and increasing its holdings in China Citic Bank Corp. (0998.HK) to 15% now from 5% in 2006.
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