Advertisement
U.S. markets closed
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow 30

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Russell 2000

    2,124.55
    +10.20 (+0.48%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Silver

    25.10
    +0.18 (+0.74%)
     
  • EUR/USD

    1.0791
    -0.0002 (-0.02%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • GBP/USD

    1.2612
    -0.0010 (-0.08%)
     
  • USD/JPY

    151.3370
    -0.0350 (-0.02%)
     
  • Bitcoin USD

    70,243.94
    -315.41 (-0.45%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Nikkei 225

    40,369.44
    +201.37 (+0.50%)
     

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

(Adds details on payment)

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.

Iberiabank will pay Sabadell at least $803 million in cash and also hand shares to the Spanish bank, with Sabadell taking a maximum 4.9 percent stake in the Louisiana-based financial holding company.

Sabadell, which also has a small presence in Mexico and expanded into the United Kingdom in 2015, entered retail banking in Florida with the acquisition of TransAtlantic bank in 2007. It is Spain's fifth-biggest bank.

(Reporting by Sarah White; Editing by G Crosse)

Advertisement