Upon completion of the acquisition, Sabadell’s International Branch in Miami will manage over 5 billion dollars of international business volume, and in total Sabadell will have over 12 billion dollars of business volume when factoring in the presence of Sabadell United Bank, the state’s sixth‐largest bank in terms of assets.
May 29, 2013. Sabadell today signed an agreement with Lloyds TSB Bank Plc to acquire the assets and liabilities that comprise Lloyds Bank’s private banking business in Miami.
The transaction encompasses approximately 1.2 billion dollars in managed assets and about 60 million dollars in loans. The initial consideration agreed upon is estimated at 6 million dollars, plus 0.5% of the transferred assets that are still managed by Sabadell one year after closure; the approximate price is 12 million dollars.
The transaction, which is contingent upon pertinent regulatory approvals, is being arranged as part of the negotiations between Banco Sabadell and Lloyds Bank in which Banco Sabadell acquired Lloyds Bank’s business in Spain and Lloyds acquired a stake in Banco Sabadell; the transaction strengthens Sabadell’s private banking business in Miami, where it has been operating for twenty years and has a full international bank license.
“This acquisition significantly builds upon our promise to expand our presence in the Americas and to service international clients from our base in Miami,” said Fernando Perez‐Hickman, Chairman of Sabadell Americas. “We are pleased to welcome the employees and clients of Lloyds’ private banking business in Miami to Sabadell.”
Through the bank’s international branch, Sabadell provides private and corporate banking services focused on individuals and companies operating in the United States and Latin America.