Spain’s Caixabank has agreed to divest stakes in Grupo Financiero Inbursa (Inbursa) and The Bank of East Asia (BEA) to its parent Criteria for EUR2.65bn to free up capital.

The deal will see the Spanish lender selling a 17.24% stake in BEA and 9.01% stake in Inbursa.

Criteria will pay EUR642m of the deal amount to CaixaBank in cash, while the remaining will be paid through the delivery of CaixaBank shares worth about EUR2bn.

The transaction will cut down CaixaBank’s capital consumption from minority stakes to 8.1%. This is less than the 10% target the bank had earmarked for 2016 end as part of its 2015-2018 strategic plan.

The deal is scheduled to close in the first quarter of 2016.