BBVA in 2013

Definition of the area

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The Corporate Center is an aggregate that contains the rest of the items that have not been allocated to the business areas, as it basically corresponds to the Group’s holding function. As explained in the introduction to this chapter, it groups together the costs of the headquarter that have a corporate function; management of structural exchange-rate positions; specific issues of capital instruments to ensure adequate management of the Group’s global solvency; portfolios and their corresponding results, whose management is not linked to customer relations, such as industrial holdings; certain tax assets and liabilities; funds due to commitments with pensioners; goodwill and other intangibles. In addition, it also comprises the result from certain corporate transactions carried out over the year and in previous years, such as that from the pension business in Latin America, including the capital gains from their sale, those resulting from the sale of BBVA Panama, and the effect of the repricing of the stake in CNCB to market value following the signing of the new agreement with the CITIC group, which includes the sale of 5.1% of the stake in CNCB. It also includes the equity-accounted earnings from CNCB (excluding the dividends). Lastly, the data for the previous years includes the financial statements of BBVA Puerto Rico until its sale, which was completed in December 2012.