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BES considers purchase of Spain's Banco Gallego - sources
February 5, 2013 / 5:02 PM / in 5 years

BES considers purchase of Spain's Banco Gallego - sources

LISBON, Feb 5 (Reuters) - Banco Espirito Santo, Portugal’s second largest listed bank by assets, is considering making an offer to buy Spain’s Banco Gallego, two sources said on Tuesday.

A purchase of Banco Gallego would expand BES’ branch network in Spain by six times, one of the sources said. BES currently has 25 branches in Spain.

BES would not comment.

Banco Gallego is controlled by NovoCaixaGalicia, which was taken over by the state in 2011 by Spain’s bank restructuring fund FROB, and is currently for sale.

Reporting By Sergio Goncalves, writing by Axel Bugge

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