Private equity firm Apollo Global Management LLC (NYSE: APO) is set to buy the auto and consumer loan unit of Bankia for an undisclosed price.

The target, which does business as FinanMadrid, is being purchased through Apollo European Principal Finance Fund II, which secured €1.6 billion ($2 billion) in June 2012.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.