(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
Banco Sabadell has agreed to sell its retail banking unit in Florida to Louisiana-based Iberiabank Corp for $1bn, according to a company statement to Spain's stock market regulator. The deal is expected to close by the end of this year, and will see the bank become part owner of the bank's wholesale business as well as its online brokerage business.