Forexdaily.org.ru / Dow Jones - March 12, 2009
Spain's Banco Pastor SA (PAS.MC) said Thursday it is planning the sale and leaseback of 25% of its branch office network, allowing the regional bank to raise approximately EUR230 million.
In a press release, Pastor said it hired consultancy Aguirre Newman for the sale of 160 of its 650 branch offices.
Many of Spain's top banks have already sold, or are in the process of selling, part or all of their branch networks, in an effort to bolster their capital bases. The sector is facing a sharp increase in loan defaults and slowing loan growth, amid an intensifying economic downturn in Spain.
Pastor said it was planning to sell off the real estate in 52 packages to local investors.
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