Spain’s Banco Bilbao Vizcaya Argentaria SA (BBVA) is reportedly mulling plans to strengthen its holding in China CITIC Bank Corp. According to local media reports, the second-largest bank in Spain would increase its stake to 15% from the current 10%. CITIC is the listed banking unit of China’s largest investment conglomerate. The Spanish lender reportedly plans to earmark €1.1 billion to buy the 5% stake in CITIC Bank. Analysts noted that the move would be in line with BBVA’s strategy to consolidate its position as a leading foreign investor in China’s banking industry. Earlier this year, officials from China CITIC Bank and BBVA inked an agreement to expand their cooperation. The agreement mainly focuses on auto financing and private banking. In 2008, BBVA consented to increase its holdings in China CITIC bank from 4.83% to 10%. BBVA was also given an option to purchase another 5% in the bank. This time the Spanish bank looks set to exercise that option.