A group of Spanish banks, including Bankia and Caixabank, have hired financial services group JP Morgan to advise on sale of about 33 per cent stake in food processing firm Deoleo.
The move will help the banks to raise capital and improve balance sheet.
Currently, Bankia and Caixabank hold a stake of 18.2 per cent and 5.8 per cent respectively in Deoleo, while the remaining 9 per cent stake is owned by Unicaja, Kutxabank and Banco Mare Nostrum.
Deoleo, best known as olive oil producer, is estimated to have a market value of around €280m. It supplies bottled olive oil in the US, Italy, Canada and Germany under 15 brands and posted revenues of €829m and a net loss of €246m in 2012.
Currently, Deoleo has a debt of €624m.
Bankia and its parent BFA also have holdings in Iberdrola and Indra.
Earlier this month, Bankia hired financial services group N+1 as advisor in the sale of a portfolio comprising nearly 100 equity investments, including both industrial and services companies, as well as interests in private equity funds.
Last month, Bankia has sold a 12.1 per cent stake in International Airlines Group for €675m. The sale was part of a series of disposals imposed by Brussels.
Deoleo, JP Morgan, and Bankia have officially not disclosed the matter.