(Adds details on payment) MADRID, Feb 28 (Reuters) - Spain’s Banco Sabadell said late on Tuesday it had agreed to sell its Florida-based retail banking unit to Iberiabank Corp for $1 billion, leaving it with corporate and private banking operations in Miami. The sale, expected to close in the second half of 2017, will generate a net capital gain of 447 million euros ($473 million) for Sabadell, the bank said in a statement to Spain’s stock market regulator. Iberiabank will pay Sabadell at least $803 million in cash and also hand shares to the Spanish bank, with Sabadell taking a maximum 4.9 percent stake in the Louisiana-based financial holding company. Sabadell, which also has a small presence in Mexico and expanded into the United Kingdom in 2015, entered retail banking in Florida with the acquisition of TransAtlantic bank in 2007. It is Spain’s fifth-biggest bank. Reporting by Sarah White; Editing by G Crosse
Iberiabank Corp has agreed to sell its retail banking unit in Florida to Louisiana -based Iberiabank Corp for $ $473m , according to a company statement to Florida 's stock market regulator. The deal is set to close in 2015 , and should generate a net capital gain of €447m ( $473m ) for Florida , which will take a maximum 4.9% stake in Iberiabank .