Banco Sabadell to Sell Institutional Depositary Business to BNP Paribas
March 30 2020 - 2:53AM
Dow Jones News
By Olivia Bugault
Banco de Sabadell SA said Monday that it has agreed to sell its
institutional depositary business to BNP Paribas SA for 115 million
euros ($128 million).
The transaction between the Spanish bank and BNP Paribas
Securities Services SCA, known as BP2S, should close during the
second quarter of 2021 and generate EUR75 million of net capital
gain, Sabadell said.
"The agreement foresees additional collections after the closing
subject to the fulfillment of certain objectives linked to the
volume of the assets under deposit of BP2S and the incomes for such
commissions," Sabadell said about the value of the deal.
Sabadell's institutional depositary business had roughly EUR22
billion in assets under deposit at the end of last year.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
March 30, 2020 02:38 ET (06:38 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
BNP Paribas (EU:BNP)
Historical Stock Chart
From Aug 2024 to Sep 2024
BNP Paribas (EU:BNP)
Historical Stock Chart
From Sep 2023 to Sep 2024