Spanish bank makes $1.1B bid for control of Portuguese ally

Spain's Caixabank has offered 1 billion euros ($1.14 billion) to take full control of Portugal's Banco BPI, where the Spanish bank already owns 44 percent of the stock.

With the offering of 1.3 euros a share - a 27 percent premium on Monday's closing price - the bid values Banco at roughly 2 billion euros, according to The Associated Press.

Caixabank said it would continue its support for Banco BPI's current board. The Portuguese bank, which is the country's third-largest listed lender, recorded losses of 162 million euros last year.

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