Reuters - December 14, 2008
Spanish savings bank Caixa Catalunya is seeking to sell 824 of its 1,200 buildings in Spain in a bid to raise 500 million euros ($663.4 million), La Vanguardia reported on Sunday, citing sources at the bank.The bank wants to strike a deal with potential buyers to continue to rent the branches, with a buy-back option for 10, 15 and 20 years, and wants to sell them in lots of 5 million euros, which would include 10 to 15 premises, the paper said.
The bank is in particular targeting its private banking clients as potential buyers, it added.
Its head office in Barcelona is not up for sale, added the report. No one was immediately available at the bank on Sunday to comment.
Other Spanish banks have also closed leaseback deals on their property, notably Spain's largest bank Santander (SAN.MC), which has sold more than 1,150 of its branches and other buildings and its headquarters complex at Boadilla del Monte on the outskirts of Madrid.
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