$1.6 Billion Sale of Mexican Pension Business by BBVA

Cleary Gottlieb is representing Goldman Sachs, as financial advisor to Banco Bilbao Vizcaya Argentaria, in connection with the sale to Grupo Financiero Banorte, S.A.B. de C.V of Afore Bancomer, BBVA’s Mexican pension business. The transaction, which was announced on November 27, 2012, will create Mexico’s biggest pension fund administrator and provides for BBVA to receive $1.6 billion in cash. The transaction is expected to close during the first quarter of 2013, subject to the approval of Mexico’s antitrust authority and pension regulator.

BBVA is a multinational Spanish banking group.

Grupo Financiero Banorte is one of Mexico’s largest financial institutions.