8.6 C
New York
Sunday, November 27, 2022
Home Fintechs BNP Paribas buys Banco Sabadell depository unit for €115m

BNP Paribas buys Banco Sabadell depository unit for €115m

Spanish bank Banco de Sabadell reported yesterday that it agreed to sell its depositary unit to the french BNP Paribas.

This deal was worth 115 million euros ($127.40 million) and the whole transaction between the Spanish bank and BNP Paribas Securities Services SCA (also known as BP2S), should close during the second quarter of 2021.

Read also: ICICI Bank launches WhatsApp banking services

With this Sabadell is expecting to get a net capital gain of €75 million with the closure of the deal which it needs.

“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.

But this deal is not as simple. It also features some extra post-closing payments subject to the fulfillment of certain objectives linked to the volume of BNP Paribas income on the newly-acquired assets.

Banco Sabadell is the fourth-largest private banking group in Spain. It has recently signed a 10-year deal with IBM worth $1 billion. With this, it seeks the technology giant providing it with hybrid cloud services.

Read also: Microsoft And Plaid team up to turn Excel into a fintech app

IBM said that the collaboration will simplify Banco Sabadell’s “dispersed technological infrastructure” and will provide a new ecosystem in which it can move data freely between cloud environments.

BNP Paribas is the world’s eighth-largest bank considering total assets and has a presence in 72 countries.

Sources: https://www.morningstar.com/news/dow-jones/202003301464/banco-sabadell-to-sell-institutional-depositary-business-to-bnp-paribas https://www.reuters.com/article/us-banco-sabadell-m-a-bnp/spains-banco-sabadell-to-sell-depositary-unit-to-bnp-paribas-for-115-million-euros-idUSKBN21H0QU https://www.fintechfutures.com/2020/03/bnp-paribas-snaps-up-banco-sabadell-depository-unit-in-e115m-deal/ https://www.fintechfutures.com/2020/01/banco-sabadell-kicks-off-hybrid-cloud-transformation-with-ibm/

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

N26 study shows Spain has the highest savings ratio in Europe

N26 has recently analyzed the data of over 380,000 consumers in the main five European markets (Spain, Germany, Austria, France, and Italy), with the aim of discovering the saving and spending trends in 2022.

The UK Startup Atoa Payments has raised $2.2 million in a pre-seed funding round

Recently, the UK startup Atoa Payments has raised $2.2 million in a pre-seed funding round.  The interest in the...

Only 60% of fintechs are product-led according to a recent survey of 100 fintech product specialists

A recent global survey of 100 fintech product specialists from fintech brands like Wise, AMEX, and more, revealed that whilst 90% of fintechs have dedicated product teams, only 60% of them are considered to be product-led. 

INNOVATION IN THE WORLD OF CREDIT CARS

It’s a well-known fact, banks that do digital transformation get more clients. Sella decided to join the number of innovators and launched...