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Banco Popular Transfers 51% of Its Credit Card Business to Värde

2/10/2014 – El Mundo

Banco Popular and Värde Partners signed an agreement on the sale of 51% of credit card issuing business to the U.S. fund. The Spanish bank may obtain over €400 million in capital gain proceeds from the operation.

Precisely, as per the deed provided by Popular to the National Stock Exchange Market Commission (the CNMV), the deal assumes sale of a 51% share in Bancopopular-e.

Due to lack of information about the adjustments which may occur before the deal is sealed, the transaction will bring ‘more than €400 million capital gains’ to Popular.

Minneapolis-based Värde Partners, having operation centers in such key cities as London or Singapur, is specialized in alternative investment and providing services to restricted groups of global investors.

 

Original article: El Mundo

Translation: AURA REE