BANCO BILBAO VIZCAYA ARGENTARIA, S.A. AND ... - BBVA
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. AND ... - BBVA
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. AND ... - BBVA
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
• South America: includes the banking, pensions and insurance businesses in South America.<br />
• United States: includes the banking and insurance businesses in the U.S., as well as those in<br />
Puerto Rico.<br />
• Wholesale Banking & Asset Management (“WB&AM”), made up of: Corporate and Investment<br />
Banking, which includes the work of offices in Europe and Asia with large corporations and<br />
companies; Global Markets, responsible for liquidity assets management and distribution services in<br />
the same markets; Asset Management, which includes the management of investment and pension<br />
funds in Spain; Project Management, which includes the development of long-term business projects<br />
and private equity business developed through Valanza; and Asia, with the participation in the CITIC<br />
Group. In addition, WB&AM is present in the above businesses both in Mexico and South America,<br />
but its activity and results are included in those business areas for the purposes of these<br />
consolidated financial statements.<br />
Corporate Activities: performs management functions for the Group as a whole, essentially management of<br />
asset and liability positions in euro-denominated interest rates and in exchange rates, as well as liquidity and<br />
capital management functions. The management of asset and liability interest-rate risks in currencies other<br />
than the euro is recognized in the corresponding business areas. It also includes the Industrial and Financial<br />
Holdings unit and the Group’s non-international real estate businesses.<br />
In 2010, certain changes were made in the criteria applied in 2009 in terms of the composition of some of the<br />
different business areas, such as:<br />
• The United States and WB&AM: in order to give a global view of the Group's business in the<br />
United States, we decided to include the New York office, formerly in WB&AM, in the United States<br />
area. This change is consistent with <strong>BBVA</strong>’s current method of reporting its business units.<br />
• South America: The adjustment for the hyperinflation is included in 2010 in the accounting<br />
statements for Banco Provincial (Venezuela); this will also be carried out for the 2009 statements to<br />
make them comparable. At year-end 2009, said impact was included under Corporate Activities.<br />
The data for 2009 have been reworked to ensure that the different years are comparable.<br />
The total breakdown of the Group’s assets by business areas as of June 30, 2010 and December 31, 2009<br />
was as follows:<br />
Millions of Euros<br />
Total Assets by Bussiness Areas<br />
June December<br />
2010 2009<br />
Spain and Portugal 219,440 215,823<br />
Mexico 73,758 62,855<br />
South America 48,631 44,378<br />
The United States 75,011 77,896<br />
WB&AM 137,454 106,563<br />
Corporate Activities 14,623 27,550<br />
Total 568,917 535,065<br />
45