Banco Sabadell further strengthens its presence in Florida with the acquisition of JGB Bank

SabadellSpain, 16-7-2014 — /EuropaWire/ — The merger between Sabadell United Bank and JGB Bank significantly bolsters Banco Sabadell’s presence in Florida. Sabadell United Bank strengthens its position as a leading bank in Florida, where it has 40,000 clients and, approximately, 8 billion dollars in business volume.

Having received the corresponding authorisations from the regulatory authorities, Banco Sabadell has completed the acquisition and merger of JGB Bank into Sabadell United Bank (SUB), the group’s subsidiary in Florida.

The operation, which was executed in line with the expected timetable, commenced in December when Banco Sabadell reached an agreement with GNB Holdings Trust to acquire JGB Bank and merge it with Sabadell United Bank, the subsidiary in Miami. The transaction amounted to approximately 49,6 million dollars.

JGB Bank, founded in 1957, was the second-oldest bank in Florida and was specialised in personal and corporate banking services. It was acquired by Jaime Gilinski Bacal, currently one of Banco Sabadell’s core shareholders, in 1998.

According to Fernando Pérez-Hickman, Chairman of Sabadell United Bank and Managing Director of Sabadell Americas: “This represents a new milestone in our expansion strategy in Florida and in our goal of becoming the leading bank in the state. We are proud to incorporate this bank in our project and of the notable contribution its employees and clients will make.”

Banco Sabadell in Florida

This transaction allows Sabadell United Bank to reinforce its position in Florida, where it has a network of 27 branches which manage a business volume of, approximately, 8 billion dollars and serve 40,000 clients, making it the fifth-largest bank in the state in terms of assets. SUB is a sector leader and one of the best-capitalised banks in Florida, where it provides services for professionals, business, and high net worth individuals from the US and other countries.

This is Banco Sabadell’s seventh acquisition in the US in the last seven years. The bank began operating in Miami in 1990 with a financial subsidiary that obtained its full international branch license in 1993.

Since 2007, Banco Sabadell has been active in M&A in the United States, specifically in Miami and the rest of Florida:

  • 2007 – Acquisition of TransAtlanticBank (TAB) (Banco Sabadell was the first Spanish entity to acquire a commercial bank in Florida)
  • 2008 – Acquisition of BBVA’s private banking business in Miami
  • 2009 – Acquisition of Mellon United National Bank (MUNB)
  • 2010 – Integration of TAB and MUNB under the Sabadell United Bank brand
  • 2011 – Acquisition of Lydian Bank & Trust
  • 2012 – Acquisition of CAM’s international branch in Miami
  • 2013 – Acquisition of Lloyds TSB Bank Miami
  • 2014 – Acquisition and integration of JGB Bank

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