The acquisition will boost BNP Paribas Securities Services’ assets under depositary in Spain by €21 billion and enhance its strategy to develop its network in targeted markets in Europe and globally.
BNP Paribas says its ability to meet Banco Sabadell's operational needs with first-class service was a key factor in the success of the transaction.
Soledad Lecube, head of BNP Paribas Securities Services Spain, comments: “We are delighted to announce the closing of this transaction.”
He adds: “This consolidates our position as the fourth leading provider of depositary banking services in Spain and as the first depositary bank for independent asset managers in the country.”
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