BBVA, the second-largest bank in Spain, has announced that it would increase its holding stake in China Citic Bank (CNCB) from 10% to 15% for about 1 billion euros (1.58 billion dollars).

According to the statement issued by the Spanish stock exchange officials, BBVA will buy additional 4.93% of Citic for about HK$6.45 per share.

The bank said in a statement that the purchase would take BBVA’s interest to 15%, at the cost of around 1 billion euros.