BNP Paribas to buy Sabadell depositary unit

Spanish bank Banco de Sabadell is said to have agreed to sell its depositary division to French peer BNP Paribas for €115 million. The unit reportedly has €22 billion in assets under custody and its sale is expected to bring Sabadell a net capital gain of €75 million. The deal is believed to be part of the bank's strategy to divest its non-strategic assets.