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.

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