Spain's Banco de Sabadell has issued a formal regulatory statement saying that it has agreed to sell its depositary unit to France's BNP Paribas for EUR 115 million. The division in question is calculated to have assets worth EUR 22 billion.

BNP Paribas Securities Services says the acquisition is part of its strategy to develop its network in Europe and globally.

The sale is expected to be closed during the second quarter of next year and will deliver a net capital gain EUR 75 million to the Spanish bank.

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Spain's Banco de Sabadell has issued a formal regulatory statement saying that it has agreed to sell its depositary unit to France's BNP Paribas for EUR 115 million. The division in question is calculated to have assets worth EUR 22 billion.

BNP Paribas Securities Services says the acquisition is part of its strategy to develop its network in Europe and globally.

The sale is expected to be closed during the second quarter of next year and will deliver a net capital gain EUR 75 million to the Spanish bank.