Investment bank Banca March has reportedly agreed to purchase the Spanish private banking arm of BNP Paribas for €100m (£84m, $114m).
According to local newspaper Expansion, BNP Paribas will transfer 80% of its client portfolio to the Banca March and retain the remaining 20%.
An official announcement is expected on 16 February 2022.
International Adviser contacted BNP Paribas for comment, but the French bank did not reply in time for publication.
IA was unable to contact Banca March to comment on the rumoured M&A deal.