Banca March buys BNP Paribas’s Spanish private bank, Expansion says

MADRID (Reuters) – Privately held Spanish investment bank Banca March has agreed to buy BNP Paribas’s private bank in Spain for 100 million euros ($113 million), Expansion newspaper reported on Tuesday, citing unidentified market sources.

BNP Paribas will transfer 80% of its portfolio of clients and its bankers to the Spanish bank, the newspaper said, adding the French bank will retain 20% of the business.

The deal is likely to be officially signed on Wednesday, Expansion added.

Spokespeople at BNP Paribas and Banca March were not immediately available for comment.

($1 = 0.8836 euros)

(Reporting by Inti Landauro and Jesus Aguado; editing by Jason Neely)