BBVA funds the renovation of the Mercedes-Benz plant in VitoriaJuly 4, 2014
BBVA Corporate & Investment Banking has acted as sole arranger in the funding for the renovation of the Mercedes-Benz vans plant that the carmaker Daimler has in Vitoria.
The bank has provided 200 million euros for Daimler's investment in its Spanish plant. The transaction was completed through two tranches that became effective in the third quarter of 2013 and in April this year.
This operation will enable the upgrading and redesign of the body shop, paint shop and assembly lines of the plant of the Vitoria plant, which employs 3,100 people and accounts for around 2.4% of the Basque Country's GDP.
In its capacity as long-standing, core relationship bank to the majority of German industry captains, BBVA Germany is actively engaged in the global growth plans of these companies. "We are a trusted partner supporting them with the entire range of investment banking services. Our strong position and ties with the Automotive Industry and its key players allow us to enter into significant engagements like the Vitoria plant project and many others", explains Frank Hoefnagels, Country Manager of BBVA Germany.