Andbank España concludes the acquisition of Degroof Petercam Spain after regulatory approval

Madrid, 25 February 2021.

Andbank España has today concluded the acquisition of 100% of the shares of Bank Degroof Petercam Spain S.A.U. following the approval of the transaction by the Bank of Spain, the European Central Bank, the CNMV and the AFA.

Andbank thereby incorporates 1.35 billion euros in business volume and more than 1,000 customers from Degroof Petercam Spain, which makes it one of the main private banks in our country with a business volume of 15 billion euros. Andbank España will also strengthen its presence in places where it already operates (Barcelona, Madrid, Pamplona, Valencia and Bilbao) and will enter others where it did not yet have any private banking activity (Valladolid).

The acquired bank will operate under the Andbank brand name and its trading name will change to Wealthprivat Bank S.A.U., wholly owned by Andbank España.

Andbank España, whose sole business segment is private banking and wealth management, provides customers from Degroof Petercam Spain with specialised services in this area, including specialist wealth planning teams, alternative investment solutions, mortgage lending, multi-custody services and a state-of-the-art technology platform.

According to Carlos Aso, CEO of Andbank España, “we are bringing together a team that is highly experienced and qualified in wealth management, our main focus”.

The institutional asset management business of the Spanish branch of Degroof Petercam Asset Management SA, based in Madrid, is not part of the transaction and will continue to operate as before.