UPDATE 1-Spain's Criteria says to reduce stake in Caixabank to 40 pct by end 2017

May 26, 2016 7:27 PM

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MADRID May 26 Spain's Criteria, the parent company of Caixabank, said on Thursday it would reduce its stake in the lender to 40 percent from 56.8 percent by the end of 2017 to avoid stricter regulations.

Criteria wants to lower its stake to below 50 percent to bypass banking regulations aimed at loosening the tie between Spain's banking foundations -- old savings banks, such as the La Caixa group which owns Criteria -- and traded banks such as Caixabank.

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