Banco de Sabadell SA said Dec. 12 that it intends to sell 38,577,892 shares in Millennium BCP, representing a 4.08% stake in the Portuguese lender, through a private placement.

Following the sale, Sabadell will hold just 1,353,619 shares, or a 0.14% stake, in BCP. The Spanish lender will enter into a 90-day lockup after the transaction.

Citigroup Global Markets Ltd. will act as sole book runner.