With this operation, which will be completed this year, it increases its commercial presence in Madrid, Andalusia and the Mediterranean arc
MADRID, 22 Feb. (EUROPA PRESS) -
Abanca and Banque Fédérative du Crédit Mutuel (BFCM) have signed this Wednesday in Madrid the purchase and sale contract of Targobank Spain, once the conformity period and the consultation with the workers' representatives provided for in French legislation have ended, as reported by the entity through a statement.
The signing ceremony was attended by the president and CEO of Abanca, Juan Carlos Escotet Rodríguez and Francisco Botas respectively, and the deputy CEO of BFCM, Alexandre Saada.
The operation, which will be completed throughout 2023, is pending the obtaining of administrative authorizations from the European Central Bank (ECB), the National Commission for Markets and Competition (CNMC), and the General Directorate of Insurance and Pension Funds (DGSFP).
Subsequently, during 2024, technological integration will be carried out, a process that the entity has already carried out in the six corporate operations carried out since 2014.
With the integration of Targobank Spain, Abanca will manage a business volume of 112,544 million euros, 5.2% higher than the current one. Loans amount to 49,219 million, 6.9% more, deposits total 51,390 million, with an increase of 4.4%, and the number of branches stands at 727, 7.5% more. The overall NPL ratio is 2.1% and coverage is 86%.
Targobank Spain has 541 professionals who provide services to nearly 150,000 clients through the 51 offices that they have throughout the national territory, especially in the Mediterranean arc, Madrid and Andalusia. In addition, Abanca will keep the professionals from Targobank Spain.
"Targobank Spain's business strategy coincides with Abanca's commitment to attracting and linking individuals, through valuable products such as insurance, means of payment or investment funds, as well as support for small and medium-sized companies", explains Abanca.
This is the seventh corporate operation that Abanca has carried out since 2014. The first was the integration in 2014 of Banco Etcheverría; in 2017 the integration of Popular Financial Services was completed; in 2019, the integration of Deutsche Bank PCB, and in 2020 that of Banco Caixa Geral. In 2021 the purchase of Bankoa was completed and in 2022 that of Novo Banco.
