Banca March closes the purchase of BNP Paribas private banking in Spain

MADRID, 22 Jul. (EUROPA PRESS) -

Banca March has closed the purchase of the private banking area of ​​BNP Paribas, an operation announced in February for an estimated amount of 100 million euros.

In this way, the entity has incorporated the 'High Net Worth' and 'Very High Net Worth' branch of activity of BNP Paribas Wealth Management in Spain into its wealth banking area, which represents a total turnover of 3,300 million euros with 750 family groups.

Banca March has reported that the acquisition closes with a retention of 95% of the reference business, which for them "proves the confidence of customers in their business model, is supported by their leadership in solvency, their responsible advice, reputational soundness, quality of service, advisory technology, and the quality of its professionals", qualities that have allowed it to obtain regulatory authorizations in just four months.

This is not the first acquisition that the bank has carried out in the area of ​​private banking: in 2018, the entity also acquired the 'Mass Affluent' business arm of private banking from BNP Paribas.

"As happened in 2018, we have completed the integration with great speed and quality. We want the client who comes to Banca March to receive excellent advice and the security of joining a private banking ecosystem backed by the most solid bank in the world. Spanish market, with extremely high solvency and a business model based on a long-term vision that protects customers from short-term profitability pressures", highlighted the CEO of Banca March, José Luis Acea.

On the other hand, the director of BNP Paribas Wealth Management in Spain, Antonio Salgado, added that "with the completion of this integration process, the entity takes another step forward in its strategy of specializing in large assets with global needs".