BBVA to Take Full Control of Altura Markets JV

BBVA has reached an agreement to acquire Societe Generale's 50% stake in Altura Markets, the brokerage joint venture the two banks have operated together. Once the deal is completed, BBVA will become the sole shareholder of the company, the Spanish lender said.

Altura Markets was created as an equally owned partnership to offer brokerage and market access services. By taking full ownership, BBVA will integrate the venture's operations into its group, allowing for closer alignment with its existing markets and trading activities.

The acquisition is part of BBVA's broader strategy to consolidate its corporate structure and strengthen its presence in brokerage. For Societe Generale, the divestiture represents an opportunity to simplify its portfolio and concentrate on core business areas. The deal also reflects a wider trend of European banks reassessing shared ventures.

The transaction remains subject to approval from the relevant regulatory authorities. Until the closing, both banks will continue to operate Altura Markets under the current agreements. Financial terms of the transaction were not announced.