Banco Bilbao Vizcaya Argentaria SA, Spain's second-biggest bank, agreed to buy Compass Bancshares Inc. for $9.6 billion to grow in the U.S. market.
Part of the offer will be made in new Banco Bilbao shares and part in cash, the Spanish bank said today in a regulatory filing.
Compass Bancshares operates more than 400 branches in Alabama, Arizona, Colorado, Florida, New Mexico and Texas. Profit for 2006 rose 15 percent to a record $460.4 million, the bank said in January. Compass listed $34.1 billion in assets at the end of 2006.
source:www.bloomberg.com
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