MADRID, March 28 The new head of Spain's Banco
Popular, Emilio Saracho, is in talks to sell the
lender's property portfolio and also a stake to Libra Group
, online newspaper El Confidencial reported on Tuesday.
The talks with the Greek conglomerate, which has its origins
in shipping, are at an advanced stage, the paper said, citing
unnamed sources close to the bank. bit.ly/2osPbY2
Libra could invest at least between 350 million and 400
million euros ($380-435 million) in cash.
Banco Popular and Libra Group officials were not immediately
available for comment.
Popular, considered a weak link in Spanish banking due to
its high exposure to troubled real estate assets, posted a
record 3.5 billion-euro loss in 2016 while soured property loans
eroded the bank's capital position.
($1 = 0.9200 euros)
(Reporting by Paul Day; Editing by Vyas Mohan)