Source: BNP Paribas
BNP Paribas announces today that, following approval from the relevant regulatory authorities, it has signed the agreement for its wholly-owned subsidiary, BNP Paribas Securities Services to purchase Exelbank, the specialist custody and depository banking firm formerly owned by Banco Sabadell.
The acquisition was first announced on 21 March 2007.
Exelbank provides custody and settlement related services to Spanish and international financial institutions, depositary bank services to mutual and pension funds and outsourcing services related to investment operations and private banking. The subsidiary, with its origin in Banco Urquijo, is more than 40 years old, and is widely recognised in the Spanish custody market. Currently, it has some EUR 18 billion in assets under custody and serves more than 150 funds, managed by approximately 25 investment managers.
Exelbank will be absorbed into BNP Paribas Securities Services; the integration programme begins as of now and both entities have already started to form specialist working groups with the objective of completing successful integration before the end of 2007. The operation has been well received by clients of both entities.
The acquisition means that BNP Paribas Securities Services consolidates its leadership position in the Spanish market, where it already has a broad base of domestic and international clients. BNP Paribas is thus significantly expanding its clientele and demonstrating its commitment to grow depositary and administration services to fund managers in Spain.