Spanish banking major Banco Santander has reportedly agreed to purchase the private banking unit of BNP Paribas in Miami for an undisclosed sum.
The deal will help Banco Santander to win more business from wealthy Latin American clients, as BNP’ Miami branch serves mostly Latin American clients.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The branch, which accepts only foreign clients, had US$712 million in assets, US$336 million in loans and US$704 million in deposits on 31 December 2013, according to Federal Reserve data.
Banco Santander CEO Javier Marin said: "With the transaction, Santander strengthens its presence in the United States, a key market for Santander, with great opportunities for long-term growth."
Marin added that the Spanish bank will also focus on the development of a full commercial banking franchise in 2014 to strengthen its customer base.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
