MADRID (AFP) -- Spain's Banco Bilbao Vizcaya Argentaria (BBVA) has agreed to the French bank BNP Paribas' purchase of its 14.75-percent stake in Italy's Banca Nazionale del Lavoro (BNL), saying it will reap 567 million euros (731 million dollars) in capital gains from the sale.

"Based on the share price offered by BNP Paribas, the participation of BBVA in the capital of BNL comes to around the 1.3 billion euros" (1.68 billion dollars), BBVA, Spain's second-largest bank, said in a statement to Spanish stock exchange authorities released Friday. "Acceptance of the offer means a capital gain for BBVA of 567 million euros."

BNP announced in February it would buy out 13 shareholders to acquire 48 percent of the capital of BNL, Italy's sixth-largest bank, for a total of nine billion euros, making the transaction one of the biggest banking takeovers ever in Europe.

BBVA made an unsuccessful takeover bid for BNL in March 2005 but was rebuffed by a group of shareholders as well as Italy's central bank, which must approve the deal in order for it to go through.