BANCO POPULAR plans to sell its property management business to two US investment firms in a bid to strengthen its capital.
The deal, between the bank, Kennedy Wilson, and Varde Partners, is said to be worth €800 million.
It would see the bank raise funds by selling the management platform while keeping the properties on its books.
Popular would also keep a minority stake in the business, which services bad loans and repossessed property.
The property management business, Aliseda, manages around €15.8 billion of properties and loans, according to Reuters.
The deal is the second the US investors have brokered together, the first involving the purchase of a similar business from Spain’s nationalised Catalunya Bank.
