Bloomberg News

BBVA Said to Move Deputy CFO Urresti to Role in Illiquid Assets

October 12, 2011

Oct. 12 (Bloomberg) -- Banco Bilbao Vizcaya Argentaria SA, Spain’s second-biggest bank, is moving Deputy Chief Financial Officer Pedro Urresti to a new role where he’ll help manage the lender’s illiquid assets including real estate, according to two people with knowledge of the situation.

Urresti will help oversee assets such as property loans acquired during Spain’s real-estate boom and non-performing debt, said the people, who declined to be identified before an announcement is made.

A spokesman for the Bilbao, Spain-based bank, who wouldn’t be named citing internal policy, confirmed that Urresti will lead a new project, while saying that his exact role is yet to be defined.

BBVA hired Erik Schotkamp from Dutch pension manager APG Algemene Pensioen Groep NV to share Urresti’s old responsibilities with Antonio Borraz, the spokesman said.

--Editors: Paul Armstrong, Andrew Reierson

To contact the reporters on this story: Esteban Duarte in Madrid at eduarterubia@bloomberg.net; Charles Penty in Madrid at cpenty@bloomberg.net

To contact the editors responsible for this story: Paul Armstrong at Parmstrong10@bloomberg.net; Frank Connelly at fconnelly@bloomberg.net


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