BNP Paribas Securities Services has acquired the depositary banking business from Banco Sabadell, Spain’s fourth-largest banking group.
The completion of the acquisition follows the agreement signed in April as part of BNP Paribas’ strategy to develop its network in targeted markets in Europe and globally.
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.”
Elsewhere, BNP Paribas Securities Services has expanded its proprietary network to 27 markets with the launch of local custody services in Chile.
