The listed but family-controlled Catalonian bank Banco Sabadell, a medium-sized Spanish retail provider, has acquired the rival Banco Atlantico for Euros 1.5 billion. The bank saw off rival bids from Barclays Bank of the UK – owners of Banco Zaragozano in Spain since May this year – and Caixa Geral de Depositos of Portugal. The main shareholder in Banco Atlantico, whose combination with Sabadell creates a domestic bank with total assets of Euros 38 billion, was Arab Banking Corporation. Sabadell, whose shareholders include Spanish savings giant La Caixa (15 per cent) and Banco Comercial Portugues (8.5 per cent), is known to be interested in merging with Banco Popular, the best-known of the medium-sized Spanish banks.
Banco Sabadell Buys Banco Atlantico For Euros 1.5 Billion As Possible Prelude To Merger With Banco Popular
The listed but family controlled Catalonian bank Banco Sabadell, a medium sized Spanish retail provider, has acquired the rival Banco Atlantico for Euros 1.5 billion. The bank saw off rival bids from Barclays Bank of the UK owners of Banco