MADRID -- Banco Popular Espanol said it has agreed to collaborate with Bankers Trust Co. to offer investment banking services to large clients in Spain.

The two banks initially will set up no formal vehicle for this arrangement, as each will create a specialized office offering sophisticated client services. These will include consultancy and portfolio management, mainly in stocks, as well as advice on loans, tax impacts, and custodian services.

By pooling their efforts, the two banks expect to reduce promotion and marketing costs.

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