Balance Sheet at 31 December 2010 of BBVA

15. INVESTMENTS
15.1. INVESTMENTS IN ASSOCIATES
The breakdown, by currency and listing status, of this heading in the accompanying balance sheets is as
follows:
Millions of Euros
Associates Entities 2010 2009
By currency:
In euros 68 76
In foreign currencies 3,544 2,220
Total 3,612 2,296
By share price
Listed 3,092 1,812
Unlisted 520 484
Total 3,612 2,296
Less:
Impairment losses - -
Total 3,612 2,296
Appendix IV shows details of associates as of December 31, 2010.
The changes in 2010 and 2009 in the balance of this heading in the accompanying balance sheets were as
follows:
Millions of Euros
Associates Entities. Changes in the year 2010 2009
Balance at the beginning 2,296 452
Acquisitions and capital increases (*) 1,198 46
Disposals and capital reductions (9) -
Transfers (**) - 1,848
Exchange differences and others (**) 127 (50)
Balance at the end 3,612 2,296
(*) The change of 2010 corresponds basically to the acquisition of 4.93% of CNCB
formalized in April 2010
(**) Correspond mainly to the reclassification from the heading "Available-for-sale financial
assets " of CNCB investmentand in 2009 and in 2010 due to the exchange rate
development.
Agreement with the CITIC Group
The BBVA Group holds several agreements in China with the CITIC Group to develop a strategic alliance in
the Chinese market. BBVA’s investment in CNCB is considered strategic for the Group, as it is the platform
for developing its business in continental China and is also key for the development of CITIC’s international
business. BBVA has the status of “sole strategic investor” in CNCB. In 2009, BBVA’s share in CNCB was
reclassified from "Available for sale financial assets" of the accompanying balance sheets (Note 10) to the
heading "Investments in entities accounted for using the equity method - Associates" since the Group gained
significant influence in the holding.
Furthermore, on April 1, 2010, after obtaining the corresponding authorizations, the purchase of an additional
4.93% of CNCB’s capital was finalized for €1,197 million.
As of December 31, 2010, BBVA had a 29.68% holding in CIFH and 15% in CNCB.
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