Banco Popular Español SA Chairman Emilio Saracho is in advanced talks with conglomerate Libra Group for the potential transfer of part of the Spanish bank's real estate assets, "sources close to the entity" told El Confidencial.
Libra Group, which is run by businessman George Logothetis as chairman and CEO, could invest at least between €350 million and €400 million in cash, the Spanish news source reported March 28. Officials are also negotiating the potential acquisition of a stake in Banco Popular.
A potential deal with Libra Group would result to changes in Project Sunrise, which was spearheaded by Saracho's predecessor Ángel Ron and which entailed transferring the bulk of Banco Popular's unproductive assets into a separate entity.
Libra Group is wholly owned by the Logothetis family and is present in 35 countries, focusing on aviation, energy, finance and diversified, hospitality, real estate and shipping.