Santander Bank is looking forward to sign up a joint venture with China Construction Bank (CCB).

The Santander Bank, which is the largest bank in the eurozone, has refused to give any statement, however, some sources told reporters that the joint venture will focus on rural banking and car financing as well.

According to some national media, “The joint financial holding company will likely have an initial capital of US$439 million, rising to US$732 million in three years.”

Santander and CCB will hold 60 percent and 40 percent of the venture, respectively. The venture intends to open 100 village banks. The decision came after the Spanish bank decided to acquire assets in the UK, the Americas and continental Europe.

BBVA, Spain's second-largest bank, invested US$1.45 billion in China Citic Bank last December, increasing its share to 15 percent.