BNP Paribas Securities Services is to acquire custody specialist Exelbank, a subsidiary of Banco Sabadell, Spain’s fourth largest banking group. As a result of this agreement, Exelbank will be integrated into BNP Paribas Securities Services once the necessary approvals are obtained from the corresponding regulators.
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 strongly 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.
“The European consolidation in the securities services industry continues and this transaction reflects our strategy of external growth via selected acquisitions and partnerships,” says Jacques-Philippe Marson, the Chief Executive Officer of BNP Paribas Securities Services. “Like BNP Paribas, Exelbank has a well-respected, top-rated team of professionals and a high-quality client franchise, in Spain – all of which will reinforce our service offering in the Spanish market.”
“After a detailed and rigorous bidding process, we are very pleased to sell the business to BNP Paribas,” adds Miquel Montes, the current Chairman of Exelbank and Deputy General Manager of Banco Sabadell. “BNP Paribas Securities Services, the European leader, is by far the best option to guarantee the continuity of the business in our clients’ best interests.”