I get the feeling they may have regretted that exit and they've probably been looking for a good reason to get back in with an eye on sector consolidation. |
I think they have to respond and I think they have to respond with cash. |
That's the kind of thing that they are good at and what the market would like them to do. |
The operating trend is as I expected, although revenues are of slightly better quality. But it's disappointing that they haven't made progress in dealing with the capital adequacy position at this stage. |
This one looks very unlikely. BBVA is currently focused on trying to get (Italy's) BNL. Its priorities after that are in the (southern) U.S. for links with its Mexican business. |