Andbank España acquires Degroof Petercam Spain
Thursday, June 4, 2020 — Madrid, Spain – [•] June 2020 –Andbank España S.A.U. (“Andbank Espana”) and Bank Degroof Petercam SA (“Degroof Petercam”) announced today the signing of a share purchase agreement for the acquisition of Bank Degroof Petercam Spain S.A., a wholly owned subsidiary of Degroof Petercam, by Andbank España. Under the agreement, Andbank España will acquire 100% of the shares of Bank Degroof Petercam Spain S.A.
With offices in Madrid, Barcelona, Valencia and Bilbao, Bank Degroof Petercam Spain S.A. currently employs 59 people and its main activities are in Private Banking and Wealth Management. Degroof Petercam has been present in Spain since 2000, through the acquisition of PrivatBank, which became Bank Degroof Petercam Spain S.A.
Andbank España is one of the main players in the Spanish private banking industry with 10.6 billion euros assets under management. The bank has a network of 19 private banking centers, 129 bankers, 105 financial agents and 60 contracts with investment services companies. This agreement further strengthens its position in the market with a volume of 12 billion euros assets under management.
Bruno Colmant, CEO of Degroof Petercam: “We constantly evaluate our activities and reached the conclusion that this strategic decision brings more added value for all parties involved. For its future development, our Spanish subsidiary lacked the critical mass which it will now reach by joining forces with Andbank Espana. I am confident that Degroof Petercam Spain is in good hands and will prosper under the ownership of AndBank Espana. I would like to thank again the entire team of our Spanish subsidiary and wish them good luck under their new ownership.”
According to Carlos Aso, CEO of Andbank España, “this agreement, which confirms our position as a significant player in the context of the private banking industry consolidation process, allows us to bring in a great team of professionals that will contribute with their experience and expertise in wealth management”.
The institutional asset management activities of Degroof Petercam Asset Management SA’s Spanish branch based in Madrid are not part of the transaction and will remain as currently operated.
The closing of the transaction is subject to several conditions, including regulatory approval. Financial details on the transaction will not been disclosed.
In this transaction, Arcano Partners and Degroof Petercam Investment Banking acted as joint financial advisors to Degroof Petercam and Clifford Chance acted as its legal counsel. Andbank was advised by EY and Pinsent Masons.
About Andbank España
Andbank España is a bank specialized in private banking and comprehensive wealth management. With 10.6 billion euros under management, has a network of bankers and specialists with wide experience in wealth advisory and management.
One of Andbank España's main focus areas is its CSR activity, which is aimed at supporting different initiatives that contribute to creating a better society. Andbank España collaborates with several organizations such as Cris Contra el Cancer, Fero (Foundation for Oncological Research) and the Pediatric Cancer Center in Sant Joan de Déu with the aim of contributing and helping to raise funds for the fight against cancer. Furthermore, Andbank Wealth Management is a signatory of the United Nations Principles for Responsible Investment (PRI).