bbva

More typical is the case of BBVA, a Spanish lender that now earns more from its banking operations in Mexico than in its home market.

贷款机构西班牙对外银行（BBVA）的情况更为典型，它目前在墨西哥开展的银行业务，比其国内市场的利润更高。

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BBVA decided in October 2013 to cut its stake in Citic Bank, part of a conglomerate controlled by the Chinese government, to help meet international capital requirements.

2013年10月，西班牙对外银行决定削减其在中信银行的持股比例，以满足国际资本要求。中信银行属于中国政府控制的一个企业集团。

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The danger for big banks, though, is that if the Spanish government is forced to bail out weaker banks to such a degree that the sustainability of government debt is imperilled, then it will come back to haunt the likes of Santander and BBVA, too.

不过，大银行的风险在于，如果西班牙政府不得不向实力较弱的银行伸出援手，且纾困力度大到危及政府债务的可维系性，那么桑坦德和西班牙对外银行之类的银行也会受到连累。

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Stephen Schwartz is an economist at the Spanish investment bank BBVA in Hong Kong.

Stephen Schwartz是西班牙对外银行（BBVA）香港办事处经济学家。

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In addition to the Passion Awards, each business area with BBVA has country-specific recognition programs.

除激情奖外，BBVA每一个业务领域均有针对每个特定国家的表彰计划。

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But in Asia, it is BBVA that has taken the lead.

但在亚洲，处于领先地位的则是西班牙对外银行。

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BBVA recognizes employees for their dedication through the annual BBVA Passion Awards.

西班牙对外银行（BBVA）通过年度BBAV激情奖，表彰员工对公司所做的贡献。

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But the concern is that, with non-performing loan rates running at close to 8 per cent at Bankia and at a still elevated 4 per cent at Santander and BBVA, Spanish losses could eat into those capital reserves.

但人们担心，在bankia的不良贷款率接近8%、桑坦德和西班牙对外银行的不良贷款率依然高达4%的情况下，它们在西班牙市场的损失会侵蚀这些资本储备。

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The two banks also have an automobile financing venture in which BBVA holds 35 per cent.

这两家银行还有一家汽车融资企业，西班牙对外银行拥有35%股份。

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BBVA made its initial investment three years ago during a period in which western lenders raced to strike partnerships with Chinese lenders.

西班牙对外银行3年前首度投资于中信银行，当时西方银行竞相与中国各银行结盟。

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