As part of the agreement, Exelbank will be integrated into BNP Paribas Securities Services following approval from the appropriate regulators.
Exelbank provides custody and settlement related services to Spanish and international financial institutions, depositary bank services to mutual and pension funds and outsourcing services related to investment operations and private banking. At present, it has around E18 billion in assets under custody and serves more than 150 funds.
The acquisition will enable BNP Paribas to add both significant scale to its Spanish custody operations and further strengthen its presence in one of Europe’s important investor markets.
Commenting on the agreement, Jacques-Philippe Marson, CEO of BNP Paribas Securities Services, said: The European consolidation in the securities services industry continues and this transaction reflects our strategy of external growth via selected acquisitions and partnerships. Like BNP Paribas, Exelbank has a well-respected, top-rated team of professionals and a high-quality client franchise, in Spain – all of which will reinforce our service offering in the Spanish market.
