NEW YORK—The Federal Reserve Bank of New York Wednesday approved the application by BBVA Bancomer, S.A., Mexico City, Mexico, and its parent, Banco Bilbao Vizcaya Argentaria, S.A., Bilbao, Spain, to acquire 100 percent of the voting shares of Valley Bank, Moreno Valley, California. According to standard procedure, the proposal cannot be completed for 15 days.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.