Caixabank may sell 10% of Inbursa

Madrid: Spain’s Caixabank said on Thursday it was considering selling around 10 percent of Mexico’s Grupo Financiero Inbursa, worth $1.6 billion (Dh5.88 billion), to reduce its stake by half.

Spain’s biggest domestic lender has close business ties with tycoon Carlos Slim who controls Grupo Financiero Inbursa, Mexico’s sixth-largest bank by assets. Caixabank said a stake sale would not affect agreements made between the two. Spanish banks are reinforcing their capital after a property market bust hurt many of the nation’s smaller commercial and savings banks to collapse.