Franco-Belgian Banking group Dexia has agreed to sell its 40% stake in Spanish private banking venture Popular Banca Privada to its joint venture partner Banco Popular Español for 49.2 million (US$67.12 million).
Banco Popular Espanol, which currently owns a 60% stake in Popular Banco Privada, had an option to purchase remaining shares since December 2012.
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Through this agreement Dexia will complete the sale process that was set out in its revised orderly resolution plan approved by the European Commission on 28 December 2012.
Dexia has been stripped of all its activities, including public sector lending and retail banking, after it failed to recover from the 2007-2008 credit crunch and was bailed out by Belgium, France and Luxembourg.
Dexia said that it will devote its efforts to fulfil its mandate to manage down its residual assets following the deal.
The deal, which is subject to regulatory approval, is expected to close in the first quarter of 2014.
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