BNP Paribas Securities Services has signed an agreement to acquire the depositary banking business of Banco Sabadell, the fourth-biggest banking group in Spain.
The acquisition of the depository banking business represents €22 billion in assets under depositary, according to BNP Paribas Securities Services.
The deal is set to close in Q2 2021 and is subject to customary conditions, including regulatory approval.
Soledad Lecube, head of BNP Paribas Securities Services Spain, commented: "The acquisition of Sabadell’s depositary banking business consolidates our position as a leading asset servicing provider in Spain, where we are the first depositary bank for independent asset managers.”
Lecube added: “It is part of our strategy to develop our network in targeted markets in Europe and globally.”
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