Caja Madrid sells stake in Morocco's Attijariwafa Bank

5th October 2010, Comments 0 comments

Caja Madrid, one of Spain's largest savings banks, said Tuesday it had sold a 3.42 percent stake in Moroccan lender Attijariwafa Bank for about 157 million euros.

In a regulatory filing, Santander said it had made a capital gains of about 134 million euros (184 million dollars) by selling the stake to Moroccan royal family holding company, Societe National d'Investissement (SNI).

In December Spanish bank Santander, the eurozone's largest bank, sold a 10 percent stake in Attijariwafa Bank to SNS for about 367 million euros.

Attijariwafa Bank is part of the Moroccan royal family's ONA group. It operates in France, Belgium, Spain, Italy and Senegal, among others.

© 2010 AFP

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