Spanish bank signs principles

Banco Bilbao Viscaya Argentaria has become the first Spanish bank to adopt the Equator Principles, which set out social and environmental criteria for major lending projects.

BBVA will now only finance projects worth more than $50million (£27m) if they fulfil social and environmental standards set out by the World Bank. BBVA, which has interests in Latin America, especially Mexico, provided $2.1billion of project finance in 2003, a three per cent share of the market.