Telefonica S A : BBVA, Telefonica to Create JV in Colombia

By Giulia Petroni

Banco Bilbao Vizcaya Argentaria SA said Thursday that it has agreed to create a joint venture called Movistar Money Colombia with Telefonica SA in Colombia.

The Spanish companies will have equal control over the venture, with operations expected to begin in the second quarter of 2021.

Movistar Money will offer loans to the over 19 million customers Telefonica has in the country, according to BBVA. The current agreement is limited to Colombia, but the companies will consider expanding it to other South American countries.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

12-03-20 1214ET