Banco Popular hires JPMorgan, Deutsche Bank and Goldman Sachs to explore options - report (translated)
21 FEB 2017
Emilio Saracho, who took over as chairman of Banco Popular at the EGM on Monday (20 February), has appointed three banks to sound out the market over funding options, El Confidencial reported.
According to the report, which cited sources privy to the matter, JPMorgan, Deutsche Bank and Goldman Sachs have a mandate to explore a capital increase, a merger or the sale of the Spanish bank via several transactions.
Proyecto Sunrise, the EUR 6bn property-linked asset spinoff, has been put on hold, the Spanish-language item said. Instead, Saracho wants to focus on the sale of assets such as its insurance partnership with Allianz.
Banco Popular must present a new, credible business plan, the report went on to say. Analists point to Unicredit as an example to follow, according to the report.