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Mapfre in Talks to Sell 49% Stake in Banking Unit to Caja Madrid

Mapfre SA is in “very advanced talks” with Caja Madrid over the sale of its 49 percent stake in a banking business run by the two companies, Caja Madrid said in a regulatory filing.

Mapfre will sell its stake in Banco de Servicios Financieros Caja-Madrid Mapfre and acquire the lender’s 12.5 percent stake in Mapfre Internacional, the filing said. It didn’t say what the terms of the deal will be.

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