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Commerzbank Said to Sell Spanish Property Loans June 30

Commerzbank AG plans to sell more than 4 billion euros ($5.5 billion) of loans linked to Spanish real estate by June 30, two people with knowledge of the situation said.

The Frankfurt-based bank set a March 2 deadline for buyers to submit indicative bids for the remaining property loans in Spain, named “Project Octopus,” said the people, who asked not to be identified because the information is private. Nils Happich, a spokesman for Commerzbank, declined to comment.