Banco Bilbao Viscaya of Spain said it has sold its Banco Industrial del Mediterraneo unit to Grupo Espirito Santo of Portugal.

Banco Bilbao did not disclose the price, but Spanish news reports put it at 5.5 billion pesetas, or $55.7 million. The bank has the equivalent of $242 million in assets and 16 branches, mainly along the Spain-Portugal border.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.