Banco Urquijo is likely to be sold in the next few months, according to reports in the Spanish press. Owned by Belgian financial services fi...

Banco Urquijo is likely to be sold in the next few months, according to reports in the Spanish press. Owned by Belgian financial services firm KBC and part of the European private banking KBL network, at least two potential bidders are interested in buying the Madrid-based bank. Spanish bank Banco Sabadell said last week it had made a non-binding offer for Urquijo. Banif, the private banking arm of Spain’s Santander, has also expressed interest in Urquijo, according to a Reuters report. Barclays and Deutsche Bank have also been linked to the acquisition of Urquijo. According to sources close to Barclays, the British bank is keen to expand its wealth management business in Spain and an acquisition of a local player in the market is part of this strategy. Rumours around the sale of Banco Urquijo have been circulating for at least six months. Last February KBC said it would "evaluate the option to sell” the bank. The Belgian bank also said it has received various offers of interest to acquire Banco Urquijo, which is part of the group's European private banking network. KBC added that it has hired JP Morgan to look for a potential buyer.