Sabadell, Spain's fourth largest bank, is set to acquire Banca Privada Internacional, BBVA's Miami-based international private banking business, for about $70 million. Sabadell said the acquisition is expected to increase business volume of its Miami branch to over $3 billion, with about $2.6 billion in customer funds and $400 million in loans. Sabadell has had international banking operations in Miami since 1993, providing private and corporate banking services to individuals and companies in the US and Latin America. The acquired portfolio is understood to include BBVA's Latin American personal and private banking customers with $500,000 to spend. The final price of the transaction, which still needs regulatory approval, will be set at closing, Sabadell said in a filing with Spanish market regulator CNMV. Sabadell outbid Brazil's Itaú, which last week said it was negotiating the purchase of BBVA's private banking business for no more than $100 million. According to a report in Reuters, the deal would not affect clients who have wealth management relationships with BBVA's individual banks around Latin America. BBVA is Spain's second largest bank. Its private banking business managed some $9.07 billion at the end of 2006.