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Santander Buys Miami-Based Private Banking Unit Of BNP Paribas
Banco Santander, the Spanish banking giant, has bought the private banking unit of BNP Paribas in Miami.
Banco Santander, the Spanish banking giant, has bought the
private banking unit of BNP Paribas in
Miami.
“BNP Paribas Wealth Management has decided to sell its activity
in Miami as part of Wealth Management’s overall strategy to focus
on markets where the bank has a retail banking presence or where
its Wealth Management platform is more developed. BNP Paribas
Wealth Management remains fully committed to the US through its
Bank of the West franchise, as part of the Group's plan in the
US. Additionally, BNP Paribas Wealth Management remains fully
committed to Latin America and other international markets," the
bank said an emailed statement. The bank did not state explicitly
who was the purchaser; this publication understands that it is
Santander.
The purchase price wasn't disclosed. This publication is contact
with Santander about the matter and will update, if necessary, in
due course.
Santander’s global private banking business had 110.9 billion
euros ($153.1 billion) under management and earned 154 million
euros for the bank in 2013, according to its annual report. BNP’s
Miami unit has about $3 billion in assets, Bloomberg
quoted an unnamed source as saying.