Bankia has sealed the deal to sell its shares in Inversis to Banco de Madrid, according to a spokesman for the lender via phone interview. Financial terms were not disclosed as of the moment. The source requested to stay anonymous due to the confidential nature of the agreement and company policies.
Bankia may release the terms of the agreement as early as Monday, right before the Madrid stock market opens, said the spokesman.
Bankia is a banking conglomerate from Spain, and also currently the fourth largest bank in the country servicing a total of 12 million customers.
This exit came months after Bankia's auto and consumer loan subsidiary, Finan Madrid, was acquired by Apollo, a fund affiliated with the Apollo Global Management, LLC.
The Spanish bank's newest exit, slated to close with the quarter, amounts to 38.4% of its stake to be sold to Banco de Madrid, a private banking institution.
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