MADRID, Spain-Telefonica, Spain’s largest telecommunications company, announced an alliance with Banco Bilbao Vizcaya Argentaria, which is one of Spain’s largest financial services companies, to develop online banking services for Spanish-speaking markets worldwide.
The partnership is valued at $1.17 billion and could include banking services via mobile phones, the Financial Times reported. Telefonica is buying 3 percent of BBVA, and the banking company is increasing its Telefonica stake from 9 percent to 10 percent.
