Author: Abanca
The operation, which will be completed this year, will allow the Galician bank to increase its commercial presence in Madrid, Andalusia and the Mediterranean port
Abanca and Banque Fédérative du Crédit Mutuel (BFCM) signed the sale agreement this Wednesday in Madrid targobank Spain, after the completion of the period of compliance and consultation of workers’ representatives provided for by French legislation. The President and CEO of Abanco, Juan Carlos Escotet and Francisco Botas, respectively, the Deputy CEO of BFCM, Alexandre Saada, were present at the signing of the operation.
The operation, which will be completed during this year, is awaiting administrative approvals from the European Central Bank, the National Commission for Markets and Market Competition and the Directorate General for Insurance and Pension Funds. Subsequently, technological integration will continue during 2024a process for which Abanca has previous experience after six concentration operations carried out since 2014.
The integration into the technology platform of the Galician entity will allow Targobank Spain’s clients to take advantage of greater technological capacities, especially through mobile banking and personal attention in a network of almost 700 offices in Spain.
Operation in numbers
With the integration of Targobanka, Abanca will increase its business volume by 5.2 percent, up to 112,544 million euros. Loans amount to 49,219 million, 6.9% more, deposits total 51,390 million, with an increase of 4.4%, and the number of branches is 727, 7.5% more. The ratio of common NPLs is 2.1%, which will enable the maintenance of good asset quality.
Targobank Spain has 541 employees which serve almost 150,000 clients via 51 office which they have throughout the national territory, especially in the Mediterranean port, Madrid and Andalusia. Abanca is committed to maintaining the employment of the integrated entity “in order to continue its policy of adding talent and professionalism to the teams involved in the various integrations,” as explained in the statement.
Coincidence in strategic directions of business
The Galician bank points out that “Targobank Spain’s business strategy coincides with Abanza’s commitment to attracting and connecting individuals, through valuable products such as insurance, means of payment or investment funds, as well as supporting small and medium-sized enterprises.
Source: La Vozde Galicia
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
