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Spain sells Banco Gallego to Sabadell for €1

Source: Reuters - Fri 19th Apr 2013
Spain sells Banco Gallego to Sabadell for €1

Spain's bank restructuring fund FROB said on Friday it would inject more capital into small nationalised lender Banco Gallego and sell it to larger peer Sabadell for the nominal sum 1 euro.

FROB, which has stakes in several bailed out banks, said it would subscribe to a €245 million capital hike in Banco Gallego before the disposal.