Investopedia: BBVA An Appealing Play For Risk-Seeking Investors

With more than a few U.S. bank stocks still looking undervalued, it may seem crazy to think about buying a bank with large exposure to the disaster zone that is the Spanish banking sector. Yet, risk-tolerant investors with long-term horizons may well like what they see at BBVA (NYSE:BBVA). While this large global bank is not yet in the clear with respect to Spain, this company's growth-oriented global footprint is attractive, with the stock trading below tangible book.

Spain - Bad and Likely to Get Worse
Like Santander (NYSE:STD), BBVA is one of the largest banks operating in Spain, and has suffered as the economy and banking sector of Spain has flirted with collapse. Counter-intuitive as it may seem, BBVA just got even bigger in Spain. BBVA agreed to buy Unnim in a deal somewhat similar to those we saw in the U.S. during the worst of the credit crisis - a seriously distressed bank is getting taken over by a healthier player for a nominal fee and getting government support to do it. This deal will double the company's exposure to the Catalonia area of Spain.

Read more here:
http://stocks.investopedia.com/stock-analysis/2012/BBVA-An-Appealing-Play-For-Risk-Seeking-Investors-BBVA-STD-C-HSB0418.aspx