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Spain's BBVA to sell custodian unit for 400 million euros, Expansion says

MADRID, June 21 (Reuters) - Spanish bank BBVA plans to sell its depositary unit for 400 million euros ($475 million), newspaper Expansion reported on Monday, citing unidentified financial sources.

The bank is handling the sale itself and expects to close a deal in the second half of the year, the newspaper said.

BBVA’s custodian unit held 65 billion euros on behalf of investment funds at the end of the first quarter.

A BBVA spokesman declined to comment.

The Spanish bank completed the sale of its U.S. unit Bancshares for about $11.5 billion earlier in June.

$1 = 0.8419 euros Reporting by Inti Landauro, Tomas Cobos and Cristina Galan; Editing by Edmund Blair

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