March 28, 2017 / 6:16 AM / 10 months ago

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

MADRID, March 28 (Reuters) - 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.

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)

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