Banco Sabadell acquires Lloyds' private banking business in Miami
Following the operation, Banco Sabadell's International Branchi in Miami will have 5 billion dollars in assets under management in Miami, and over 12 billion dollars in the state of Florida, including Sabadell United Bank, the state's sixth-largest bank in terms of assets.
Banco Sabadell today signed an agreement with Lloyds TSB Bank Plc to acquire the assets and liabilities that comprise Lloyds Bank's private banking business in Miami.
The transaction covers approximately 1.2 billion dollars (about 926 million euro) in managed assets and about 60 million dollars in loans (approximately 46 million euro). The initial agreed consideration is estimated at 6 million dollars (approximately 4.6 million euro), plus 0.5% of the transferred assets that are still managed by Banco Sabadell one year after closure; the maximum price is 12 million dollars (about 9.3 million euro).
The transaction, which is contingent upon the pertinent regulatory approval, is being arranged in the framework of the negotiations between Banco Sabadell and Lloyds Bank that led to the agreement under which Banco Sabadell acquired Lloyds Bank's business in Spain and Lloyds acquired a stake in Banco Sabadell; this transaction strengthens Banco Sabadell's private banking business in Miami, where it has been operating for twenty years and has a full international bank licence.
Through the branch, it provides private and corporate banking services focused on individuals and companies operating in the United States and Latin America.
Following this acquisition, Banco Sabadell's total managed assets in Miami will amount to over 5 billion dollars and it will rank as one of the leading international banks in Florida in terms of managed assets, with over 12 billion dollars of business, including Sabadell United Bank, the state's sixth-largest bank in terms of deposits.