BNP Paribas Securities Services has completed its acquisition of Banco Sabadell’s depositary banking business in Spain.
The acquisition, which was announced in March last year, will increase BNP Paribas Securities Services’ assets under depositary in Spain by €21 billion.
According to the French global custodian, the closing of this transaction is in line with its strategy to develop its network in targeted markets in Europe and globally.
“We are delighted to announce the closing of this transaction. This consolidates our position as the fourth leading provider of depositary banking services in Spain and as the first depositary bank for independent asset managers in the country,” said Soledad Lecube, head of BNP Paribas Securities Spain.
BNP Paribas has been active in the depository acquisition space in recent years. In 2018, it acquired the depositary banking business of Italy’s third largest bank, Banco BPM SpA (BPM) for €200 million, and in 2014, it also purchased Banco Popular’s depositary banking unit in Spain.
In January, Commerz Real AG named BNP Paribas Securities Services Luxembourg as depositary bank for its European Long Term Investment Fund Klimavest.