(Adds details on payment)
MADRID Feb 28 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
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
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
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)