and Catalunya BancSA said March 31 that their boards of directors agreed to develop amerger plan that will see the merger by acquisition of Catalunya Banc by BBVA.
BBVAcurrently directly holds a 98.4%stake in Catalunya Banc. At the time the merger is executed,non-BBVA shareholders in Catalunya Banc will receive 1 share in BBVA for every 10shares held in Catalunya Banc. The draft terms envisage that the exchange ofshares will be implemented through the delivery of treasury shares.
Themerger by acquisition is subject to regulatory approval.
BBVA'sboard also approved the common draft terms of each of the two mergers byacquisition of units BancoDepositario BBVA SA and Unoe Bank SA.