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Spain's Banco Sabadell to sell depositary unit to BNP Paribas for 115 million euros

Reuters

MADRID (Reuters) - Spanish bank Banco de Sabadell <SABE.MC> said on Monday it agreed to sell its depositary unit to France's BNP Paribas <BNPP.PA> for 115 million euros (102.72 million pounds).

The Sabadell unit had assets worth 22 billion euros in custody, the Spanish bank said.

The sale, which is expected to be closed during the second quarter of 2021, will bring Sabadell a net capital gain worth 75 million euros.

(Reporting by Inti Landauro, editing by Louise Heavens)