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Spain's Popular says to sell 51% credit card business

Source: Reuters - Mon 4th Aug 2014
Spain's Popular says to sell 51% credit card business

Spain's Banco Popular said on Monday it had agreed to a preliminary deal to sell 51% of its stake in its credit card business to U.S. investment management firm Varde Partners.

In a statement to the Spanish stock exchange regulator, the bank gave no details of price.

Just last week the country's 6th largest lender reported a 25% fall in profits for the first-half of 2014.

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