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Spain's Banco Popular in talks with Libra Group for possible asset sale: report
March 28, 2017 / 6:26 AM / 7 months ago

Spain's Banco Popular in talks with Libra Group for possible asset sale: report

MADRID (Reuters) - The new head of Spain’s Banco Popular POP.MC, 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.

A man walks past a branch of Spain's Banco Popular in Madrid, Spain, May 26, 2016. REUTERS/Andrea Comas/File Photo

The talks with the Greek conglomerate, which has its origins in shipping, are at an advanced stage, the paper said, citing unidentified 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, it said.

Banco Popular declined to comment while a Libra Group spokesman said the company wouldn’t comment on market rumors.

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 and Mark Potter

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