Banco Sabadell signed an agreement to acquire BMN’s branch network and banking business in Cataluña and Aragón

Posted on 27, December 2012 by | This entry was posted in Banks, Business, Financial, Investment, Spain. Bookmark the permalink.

27-12-2012 — /europawire.eu/ — Upon completion of the due diligence, Banco Sabadell and Banco BMN signed an agreement today for the acquisition of BMN’s territorial network and business in Cataluña and Aragón.

Josep Oliu, Chairman of Banco Sabadell: “This is a valuable transaction for our bank in that it allows us to add a strong, well-distributed branch network in Cataluña which complements that of Sabadell and will enable us to cover all of our current and potential customers in the region.”

The deal, which was first announced via a regulatory disclosure submitted to the CNMV on 13 November, will boost Banco Sabadell’s retail banking business in its home territory, making it the fourth-largest bank in Cataluña, with a market share of close to 12% in terms of branches.

The agreement covers 462 branches (443 in Cataluña and 19 in Aragón) and the 900,000 customers in the Cataluña-Aragón Division, together with the 2,000 employees attached to those branches and the Division’s central services.

This business includes c. 10.6 billion euro in customer loans and 7.9 billion euro in customer deposits. These assets make up the Cataluña-Aragón Division, after excluding the assets transferred by BMN to SAREB, the State-owned company for managing assets from the bank restructuring process.

The difference between net assets, adequately covered by provisions, and liabilities included in the agreement will be compensated for in the amount of 350 million euro. The transaction was completed in line with stipulations in the MoU signed on 13 November, and is subject to compliance with conditions precedent and regulatory requirements.

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