Banco Sabadell sells its commercial banking subsidiary in the United States for 1.025 million dollars

The operation generates a net capital gain of approximately 447 million euros

Sabadell United Bank, the commercial banking subsidiary of Banco Sabadell in Florida, will be integrated into the IBERIABANK Corporation group, a multi-state bank based in Louisiana.

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Banco Sabadell has reached an agreement with IBERIABANK Corporation for the sale of Sabadell United Bank, its retail banking subsidiary that has operated since 2007 in the state of Florida St.

 

The amount of the operation amounts to 1.025 million dollars (around 967 million euros). The transaction, closed at 1,95 times the book value (Tangible Book Value), will allow Banco Sabadell to obtain a net capital gain of approximately 447 million euros.

 

The agreement reached contemplates that the total price to be paid IBERIABANK Corp. It consists of a cash payment of a minimum of 803 million dollars, and the rest in the delivery of shares until the total amount is reached. All this without in any case exceeding 4,9% of the share capital of IBERIABANK Corp. and paying the difference, if any, in cash until the total agreed price is reached.

 

The closing of the operation is expected during the second half of the year, once the pertinent permits and authorizations are obtained from the regulatory authorities.

 

Sabadell United Bank is a successful project started in 2007 with the acquisition of Transatlantic Bank, which has combined organic growth in the area and inorganic growth following successive acquisitions in the southern area of Florida St and which currently manages a volume of 4.200 billion dollars in loans and 5.200 billion dollars in customer resources.

 

 

Banco Sabadell maintains its American branch in Florida and corporate banking and international private banking activities

 

 

 

After the operation, Banco Sabadell will continue to develop its core activity of corporate banking and international private banking through its American branch in Miami, which currently manages a business volume that exceeds 10.000 million dollars with a notable market share especially in the tourism, infrastructure and renewable energy sectors, and which has a staff of 200 professionals. The Banco Sabadell branch in Miami is also the corporate banking operations center for Latin America, with the exception of Mexico where the entity operates through its subsidiary bank in said country.

 

For the president of the entity Josep Oliu, “this is an excellent operation that materializes part of the value created in United States and allows us to strengthen the bank to grow in its priority markets.”

 

IBERIABANK Corp. is a financial group with a total volume of assets in its consolidated balance sheet of 21.700 billion dollars; 17.400 billion dollars in customer resources, and own funds of 2.900 billion dollars at the end of 2016. The shares of IBERIABANK Corp. (IBKC) They are listed on the Nasdaq Global Select Market with a capitalization of around $3.800 billion as of February 24, 2017.

 

The group operates through 304 offices of various types, including 199 bank branches, three offices specialized in granting credit in the states of Louisiana, Arkansas, Alabama, Tennessee, Texas, Florida and Georgia, 24 offices dedicated to insurance activity in Arkansas y Louisiana, as well as a network of agents dedicated to granting mortgages in 69 locations in ten states. In addition, IBERIABANK Corp. It has eight wealth management branches in four states and an IBERIA Capital Partners LLC office in Louisiana.