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BBVA to book $1.5B impairment charge on US unit

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BBVA to book $1.5B impairment charge on US unit

Banco Bilbao Vizcaya Argentaria SA expects to make a negative adjustment of roughly $1.5 billion to the value of the goodwill in its U.S. unit, citing a slowdown in the country's economy and declining interest rates, particularly during the second half.

The Spanish lender said the impairment charge will also result in lower-than-expected future profits compared to previous estimates, but will not affect its tangible net equity, capital, liquidity or its capability to distribute dividends, as well as the amount of dividend payment to be proposed to its board for approval.

BBVA will book the charge in euros in its full-year 2019 results, noting that it has informed Spanish regulator CNMV of the development.