Spain's Popular to sell 800 branches

Spain's Banco Popular is aiming to sell more than a third of its branches by the end of June in deals that could raise about 700 million euros ($940.9 million) of capital gains, El Economista reported on Monday without citing sources.

The bank has agreed to sell up to 800 branches to wealthy investors who in return will lease them back to the bank, the financial daily reported.

A spokesman for the bank declined to comment on the report.

A number of competitors such as Santander and BBVA have already signed sale-leaseback deals on property.