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

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March 6 (Bloomberg) -- 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.

To contact the reporter on this story: Ben Sills in Madrid at bsills@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net