ECONOMIC INTERPENETRATION / (eu) banks

The on-line bank UNO-E (Spanish groups BBVA and TERRA NETWORKS) has acquired control of FIRST-E, another on-line bank based in Ireland, for EUR 653 million. The objective is to create the "number one on-line global banking group", which will be baptised UNOFIRST GROUP. Valued at EUR 2.360 billion, it will be 67.5% owned by BBVA and TERRA NETWORKS and 32.5% by FIRST-E shareholders.