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Spanish bank BBVA has received Foreign Institutional Investor licence from SEBI to invest in the Indian bond market, said a press release issued by the bank today.
The current regulation allows FII licence holders to invest in the Indian debt market up to $10 billion in government securities, $15 billion in corporate bonds and $25 billion in long-term corporate bonds for infrastructure development.
This marks BBVA’s second undertaking in the Indian financial market and is consistent with the bank’s strategy of entering emerging markets.
BBVA has a representative office in India since 2007. In December 2010, it signed an agreement with Bank of Baroda to acquire a 51 per cent stake in the public sector bank’s credit card business, BOB Cards.
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