Spain’s CaixaBank sells 1.5 bn euro stake in Austrian bank

Spain’s CaixaBank said Friday it has sold its entire 9.9 percent stake in Austrian lender Erste Group for 1.5 billion euros ($1.7 billion).

CaixaBank, which became Spain’s third-largest lender after completing a merger with smaller Spanish rival Bankia in March, had announced last month that it was considering selling part or all of the stake.

It said a 5.42 percent stake was sold at a price of 38 euros per share while the remaining 4.5 percent state was offloaded through the settlement of equity swaps.

Erste Group, which offers personal and corporate banking services, has 16 million clients in Austria, Eastern Europe and the Balkans.

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