Banco Bilbao Vizcaya Argentaria plans to establish a venture capital management fund aimed at clients of BBVA Patrimonios, the private banki...

Banco Bilbao Vizcaya Argentaria plans to establish a venture capital management fund aimed at clients of BBVA Patrimonios, the private banking division of BBVA, according to reports in the Spanish media. The new fund will be used by BBVA to launch venture capital funds and begin operations in the autumn. The launch of this fund by BBVA comes at a time when the Spanish government is processing amendments to the law that would allow the sale of venture capital funds based outside Spain. Initially, BBVA will launch two funds worth €100 million ($122.6 million) each, Elcano I and Elcano II, which will primarily seek out opportunities in Spanish companies and companies in other parts of Europe.