Banco Popular's 9-month net profit increased by 3.7% to $360.6 million
Article Abstract:
Banco Popular Espanol SA of Spain has reported a slight 3.7% increase in net profit to 50.66 billion pesetas ($360.6 million) in the first nine months of 1998 from 48.85 billion pesetas in the same period in 1997. The bank's pretax profit rose 2.5% to 81.81 billion pesetas in the nine-month period. Popular said its net interest income for the first nine months dropped 7% partly because of the Bank of Spain's move to adjust its interest rates close to those of other eurozone central banks. Popular's market share in the country's two largest urban centers that account for 42% of Spain's banking market was less than 3%.
Comment:
Reports a slight 3.7% increase in net profit to 50.66 bil pesetas ($360.6 mil) in the first 9 months of 1998
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Argentaria of Spain targets Latin-American pensions
Article Abstract:
Argentaria Corporacion Bancaria de Espana SA is targeting the growing pension-fund market in Latin America. In July 1998, the bank launched a new pension fund in Panama called Progreso, which is 25%-owned by Argentaria. The recently privatized bank already serves more pension-fund customers with a roster of over 3 million clients in Panama, El Salvador, Bolivia, Colombia and Argentina. There are a number of advantages in focusing on Latin-American pension funds, including better regulation in the region compared in Europe and impressive growth rates.
Comment:
Is targeting the growing pension-fund market in Latin America
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Banco Bilbao Vizcaya posts gain of 25% in profit, but stock slips
Article Abstract:
Banco Bilbao Vizcaya SA of Spain reaped 25% more profits for the nine months ending 1998 although share price fell by 6.4% as investors secured profits. Investors are exhibiting caution about the performance of the bank in light of lower domestic interest rates rather than about Banco Bilbao Vizcaya's international exposure. Banco Bilbao Vizcaya now needs to contend with lower interest rates in Spain since 50% of the group's assets are in that country, stated Banco Bilbao Vizcaya Chief Executive Pedro Luis Uriarte.
Comment:
Reaps 25% more profits for the nine months ending 1998 although share price fell by 6.4% as investors secured profits
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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