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。

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。

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。

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。

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。

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。

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。

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。

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。

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。