Corsair Partnership, the international bank investment fund led by J.P. Morgan & Co., is negotiating to increase its stake in Banco Espanol de Credito, or Banesto.

Sources close to the bank confirmed a report in last week's Financial Times that Morgan is negotiating with Banco Santander, Banesto's new owner, and the Bank of Spain to purchase an extra $40 million worth of Banesto stock and options at $6 per share.

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