SPAIN - BNP Paribas Securities Services, a subsidiary of BNP Paribas, has acquired Exelbank, a subsidiary of Banco Sabadell specialising in custody services.
Exelbank will be integrated into BNP Paribas Securities Services once approvals are obtained from the regulators.
Exelbank provides custody 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 and has €18bn in assets under custody, from 150 funds, managed by approximately 25 investment managers.
BNP Paribas Securities Services CEO Jacques-Philippe Marson said: "The European consolidation in the securities services industry continues and this transaction reflects our strategy of external growth via selected acquisitions and partnerships."
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