Spanish banking conglomerate Bankia had been in exclusive talks with brokerage GVC. The discussion was regarding a possible sale of Bankia's brokerage unit. The move was a part of Bankia's efforts to shore up capital. This was according to a source that was involved in the deal on Wednesday.

The sale of Bankia's brokerage unit to GVC was expected to close next week, said source. According to media reports, the deal was valued between EUR20 million and EUR40 million.

A Bankia spokesperson refused to comment regarding the report.

The financial lender had received EUR18 billion European aid after it was brought down by its massive exposure to a collapsed real estate market, said a Reuters report. This had been the biggest bailout in the country's history. The financial institution had been in pressure to sell assets and clean up its books.

Bankia is the fourth biggest bank in Spain and serves 12 million customers.