Security Pacific Corp., Los Angeles, has sold 61% of its Paris-based unit, Security Pacific Bank France, to French and German banks.

Banque Mansart-Comptoir Europeen de Finance Immobilier announced it had acquired a 51% stake, and Deutsche Pfandbrief und Hypothekenbank AG, 10% of the U.S. company's French unit, Reuters reported.

Security Pacific's French unit specialized mainly in assetbacked lending.

Deutsche Pfandbrief is a specialized institution that engages in collateralized lending, and Banque Mansart, formerly known as Comptoir des Entrepreneurs, specializes in short-and medium-term real estate financing.

A Security Pacific spokeswoman in Los Angeles could not confirm or deny the sale. The company is closing and selling most of its international operations under a plan adopted at the end of last year. It is scheduled to merge with BankAmerica.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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