A Spanish court will look into possible irregular activities in CaixaBank SA's 2017 takeover of Portugal's Banco BPI SA, Reuters reported.

The investigation comes after two unidentified shareholders filed a lawsuit against the Spanish lender, accusing it of insider trading and improper management, Reuters said Oct. 4, citing court documents.

A spokesman for CaixaBank said the bank had met its legal requirements and the acquisition was authorized by regulators.

Under Spanish law, courts must first launch an investigation to establish a case before heading to trial, Reuters said.