BNP Paribas will sell its private bank in Spain to Banca March, according to the Spanish newspaper Expansion

MADRID (Reuters) – Spanish investment bank Banca March has agreed to buy BNP Paribas’ private banking business in Spain for 100 million euros, Spanish newspaper Expansion reported on Tuesday.

According to Expansion, the French bank will transfer 80% of its client portfolio and its bankers to Banca March and it will keep 20% of the activity.

The newspaper adds that an agreement is to be officially signed on Wednesday.

Spokespersons for BNP Paribas and Banca March were not immediately available to comment on the information.

(Report Inti Landauro and Jesus Aguado, French version Matthieu Protard)