Banco Bilbao Vizcaya Argentaria SA is an international financial group with a presence in retail banking, wholesale banking, asset management and private banking. It also operates in other sectors, such as insurance, real estate, operating leases, etc. Its activity is mainly located in Spain, Mexico, South America and the United States, with an active presence in other European countries and Asia. The Company's business segments are Banking activity in Spain, Real-estate activity in Spain, The United States, Turkey, Mexico, and The rest of Eurasia. The banking activity in Spain includes the Retail Network, Corporate and Business Banking (CBB), Corporate & Investment Banking (CIB), BBVA Seguros and Asset Management. It also includes the portfolios, finance and structural interest-rate positions of the euro balance sheet. Since April 24 it also includes the activity, balance sheet and earnings of the banking business of Catalunya Banc. The real-estate activity in Spain covers lending to real-estate developers and foreclosed real-estate assets in the country. The United States includes the business activity in the country through BBVA Compass, the New York branch and the US companies Simple and Spring Studio. The Turkey includes company's stake in Garanti Bank. The Mexico includes the banking and insurance businesses in the country. The South America includes company's banking and insurance businesses in the region. The rest of Eurasia includes business activity in the rest of Europe and Asia, i.e. the compnay's retail and wholesale businesses in the area. The Company's operations are subject to the laws and regulations governing banking entities operating in Spain.