MADRID, May 25: Spain’s bailed-out lender Bankia on Friday announced it would sell City National Bank of Florida to Chile’s BCI for around 683 million euros.

The bank said in a statement it had “made provisions in late 2010 to cover losses” of City National, meaning it “hopes for a net capital gain of around 180m euros” from the sale to Banco de Credito e Inversiones.

The sale of Bankia’s American subsidiary, brokered by Goldman Sachs and Sullivan & Cromwell, will result in 435 job losses, the statement said.

The move is part of the “commitments under the plan to restructure the BFA-Bankia group approved by the Spanish and European authorities in November 2012,” it added.—AFP