BPE Selling French Arm

Banco Popular Espanol said it has agreed to exclusive sale talks with France's Credit Mutuel CIC for its French arm, Banco Popular France.

Banco Popular said the terms of the contract should be agreed upon shortly, but did not provide any financial details on the sale.

The proposed terms include a mutual commercial agreement in which both CM-CIC and Popular's clients will be able to access services throughout Spain, Portugal and France.