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Banco Popular sells 49% Targobank stake to Banque Fédérative du Crédit Mutuel

Banco Popular Español SA is planning to sell its 48.98% stake in Targobank SA for €65 million to its joint partner in the retail venture, Banque Fédérative du Crédit Mutuel SA, the Spanish bank said June 1.

Banco Popular has been seeking to sell off nonstrategic assets as it tries to shore up its capital and as its profits have been hit by heavy provisioning for bad real estate loans.