- December 24, 2021
- Posted by: Stratford Team
- Category: Business
A woman walks past a BBVA bank branch in Madrid, Spain, November 15, 2021. REUTERS/Juan Medina/File Photo
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LONDON, Dec 23 (Reuters) – France’s BNP Paribas (BNPP.PA) and U.S. firm State Street Corp (STT.N) are vying to buy the custody business of Spanish lender BBVA (BBVA.MC) and have made indicative bids for the unit as they battle to build scale, three sources told Reuters.
BBVA launched the sale of the unit during the summer and is working to draw a shortlist of bidders to be admitted to the final stages of the auction early next year, the sources said, speaking on condition of anonymity.
The sale, valued at about 500 million euros ($566.50 million), has also drawn interest from Credit Agricole (CAGR.PA), Royal Bank of Canada (RY.TO) and BNY Mellon, the sources said.
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Madrid-based Cecabank has also come forward with an offer, one of the…
