Banco Popular Espanol has made an offer to acquire Banco Pastor for €1.36 billion, The Wall Street Journal reports. Popular is Spain’s fifth largest bank in terms of market capitalization.

The bank will have €121.8 billion in loans and €98.5 billion in deposits if the bid is successful. Popular will have to issue 381 million new shares, in addition to its existing 1.4 billion to finance the acquisition.

Click here for the story from The Wall Street Journal.