The Belgian banking group KBC Group has had talks with Spanish savings bank Caja de Madrid about the possible sale of Banco Urquijo, a Madri...

The Belgian banking group KBC Group has had talks with Spanish savings bank Caja de Madrid about the possible sale of Banco Urquijo, a Madrid-based private bank. The Spanish financial daily Expansion reported KBC was also negotiating with Caja Madrid about collaborating on wealth management and insurance businesses in Eastern Europe and private banking in Spain. Banco Urquijo is part of KBL’s group of European private banks, which in turn is part of KBC. Earlier this year, Banco Urquijo, was fined $600,000 by country’s finance ministry for failing to provide the names of account holders based in tax havens.