Banco Bilbao Vizcaya Argentaria (BBVA) SA, the second-largest bank in Spain, aims to increase its stake in China CITIC Bank Corp to 15%.

Earlier, it hold 10% equity stake in the stake in China CITIC Bank, which is the listed banking unit of the China’s largest investment conglomerate.

According to the sources, the Spanish lender expects to allocate EUR 1.1 billion to buy a 5% stake in China CITIC Bank at HK$6.45 per share.

The move is in proportion to BBVA’s strategy to merge its position as a leading foreign investor in China’s banking industry.