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UPDATE 1-BBVA hires JP Morgan to advise on potential acquisition of Sabadell, El Confidencial says

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MADRID, Nov 16 (Reuters) - Spain’s BBVA has hired JP Morgan to advise it on the potential acquisition of Banco Sabadell, Spanish website El Confidencial said on Monday, citing unnamed sources.

Both BBVA and Sabadell declined to comment.

A source had told Reuters in September that Spanish lender Sabadell had hired Goldman Sachs in July to explore strategic options, including a potential M&A deal.

BBVA agreed on Monday to sell its U.S. business to PNC Financial Services Group Inc PNC.N for $11.6 billion in cash, which prompted speculation BBVA could use the cash to buy up a rival bank in its domestic market.

In September, two sources told Reuters that Sabadell had held informal talks about a possible tie-up, including with BBVA. (Reporting by Jesús Aguado; editing by Ingrid Melander)

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