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Spain's Sabadell agrees to sell Florida retail unit to Iberiabank

MADRID, Feb 28 (Reuters) - Spain's Banco Sabadell said late on Tuesday it had agreed to sell its Florida-based retail banking unit to Iberiabank Corp for $1 billion, leaving it with corporate and private banking operations in Miami.

The sale, expected to close in the second half of 2017, will generate a net capital gain of 447 million euros ($473 million) for Sabadell, the bank said in a statement to Spain's stock market regulator.

(Reporting by Sarah White, editing by G Crosse)