Spain’s Banco Sabadell has bought failed
Florida-based Lydian Private Bank to become part of Sabadell United
Bank (SUB).
Banco Sabadell said the acquisition of Lydian
Private Bank is inline with its strategy to acquire small banks in
Florida and becoming one of the largest banks in the region.
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It is Sabadell’s fourth acquisition in the
region in just five years, following TransAtlantic Bank in 2007,
BBVA’s private banking business in 2008, and Mellon United National
Bank in 2010.
SUB, Banco Sabadell’s US-based operation, has
acquired $1.6bn of Lydian assets, net of a $176m discount, and
$1.6bn of liabilities, including $1.2bn in customer deposits.
Sabadell balance
sheet up 50%
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By GlobalDataLydian was sold after the US Federal Deposit
Insurance Corporation (FDIC) placed the bank in receivership.
The deal is covered by a loss-share agreement
under which the FDIC will bear 80% of impairment losses on certain
loans acquired by Sabadell.
Banco Sabadell said Lydian Private Bank will
contribute $3.6bn in loans and funds to SUB’s balance sheet,
boosting Sabadell group’s total balance sheet in Florida by 51% to
$10.7bn.
Banco Sabadell chair Josep Oliu said Lydian Private Bank’s
proven experience in private banking and wealth management will
enable it to take a qualitative leap forward in developing our
banking model in the US.
