Dexia to sell stake in Spanish venture to Banco Popular

BRUSSELS Tue Jan 7, 2014 12:15pm EST

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BRUSSELS Jan 7 (Reuters) - Franco-Belgian financial group Dexia said on Tuesday it had agreed to sell its 40 percent stake in private bank Popular Banca Privada to its joint venture partner Banco Popular for 49.2 million euros ($67.12 million).

Dexia has been stripped of all its activities, including public sector lending and retail banking, after it failed to recover from the 2007-2008 credit crunch and was bailed out by Belgium, France and Luxembourg.

The agreement to sell Popular Banca Privada completes the disposal process for the group, which is now little more than the sum of the bonds and loans it has outstanding.

Dexia said it expected the transaction to close in the first quarter of the year. ($1 = 0.7330 euros) (Reporting by Robert-Jan Bartunek; editing by Barbara Lewis)

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