Caja Madrid Group to Sell 8.3% of Banco Valencia, Expansion Says

Banco Financiero y de Ahorros SA, the Spanish lender formed by Caja Madrid and six other savings banks, will sell an 8.3 percent stake in Banco Valencia SA, Expansion reported, without citing anybody.

Banco Financiero currently holds 38.3 percent of Banco de Valencia and must reduce the holding to 30 percent to comply with Spanish takeover regulations, the newspaper added.

To contact the reporter on this story: Sharon Smyth in Madrid at ssmyth2@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.

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