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