Balance Sheet at 31 December 2010 of BBVA

The changes in 2010 and 2009 in the balance of this heading in the balance sheets, disregarding the
balance of the impairment losses, were as follows:
Subsidiaries. Changes in the period.
Millions of Euros
2010 2009
Balance at the beginning 21,597 21,275
Acquisitions and capital increases 666 984
Sales (7) (643)
Transfers - (16)
Exchange differences and other 507 (3)
Balance at the end 22,763 21,597
The most notable transactions performed in 2010 and 2009 were as follows:
2010
• Agreement for the acquisition of a holding in the bank Garanti
In November 2010, BBVA reached an agreement with the main shareholders of the Turkish bank Turkiye
Garanti Bankasi, AS (“Garanti Bank”), the Turkish group Dogus and General Electric, for the purchase of
24.8902% of the capital of Garanti Bank for a total of USD 5,838 million, the equivalent to about €4,195
million (*).
The agreement with the Dogus group includes an agreement for the joint management of the bank and
the appointment of some of the members of its board of directors. In addition, BBVA has the option of
purchasing an additional 1% of Garanti Bank five years after the initial purchase. This acquisition has not
yet been formalized, as it was still pending the corresponding authorizations at the time these
accompanying financial statements were prepared.
(*) Calculated at the exchange rate as of October 29, 2010 at USD/€ = 1.3916.
• Exchange of preferred securities for BBVA USA Bancshares stock
In 2010, the Bank exchanged €567 million in preferred securities issued by a holding company of BBVA
USA Bancshares, Inc. for shares of BBVA USA Bancshares, Inc. itself.
• Restructuring of the various subsidiaries
2009
2010 saw the restructuring of various investments through the takeover of Compañía Chilena de
Inversiones, S.L. - Sociedad Unipersonal -, (acquiring company) and the companies Brookline
Investments, S.L. - Sociedad Unipersonal -, Aragón Capital, S.L. - Sociedad Unipersonal - and BBVA
Participaciones Internacional, S.L. - Sociedad Unipersonal -, (acquired companies).
• Takeovers of Banco de Crédito Local de España, S.A. (Unipersonal) and BBVA Factoring E.F.C.,
S.A. (Unipersonal)
The Directors of the subsidiaries Banco de Crédito Local de España, S.A. (Unipersonal) and BBVA
Factoring E.F.C., S.A. (Unipersonal), in meetings of their respective boards of directors held on January
26, 2009, and of Banco Bilbao Vizcaya Argentaria, S.A. in its board of directors meeting held on January
27, 2009, approved respective projects for the takeover of both companies by BBVA and the subsequent
transfer of all their equity interest to BBVA, which acquired all the rights and obligations of the companies
it had purchased through universal succession.
The merger agreement was submitted for approval at the AGMs of the companies involved, which were
held during the first quarter 2009.
Both mergers were entered into the Companies Register on June 5, 2009, and on this date the
companies acquired were wound up, although for accounting purposes the merger was carried out on
January 1, 2009 (see appendices XIII and XIV)
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