Download Banco Sabadell successfully completes the acquisition

BancoSabadell
Press release
Banco Sabadell successfully completes the acquisition of
Mellon United National Bank
•
Banco Sabadell expands its U.S. domestic banking business in South Florida market
•
It has significantly strengthened its operations in Florida and it is now positioned as a
leading banking institution in the region.
•
The new bank ranks sixth among local banks in Miami in terms of deposits (fourth, if
Banco Sabadell's Miami Branch is included).
Miami, January 15th 2010. Banco Sabadell announced that it completed the acquisition of
Miami-based Mellon United National Bank (MUNB) after obtaining necessary approvals from
the Federal Reserve Bank of Atlanta and the Bank of Spain, Spain’s Central Bank.
The acquisition creates the 6th largest local bank based in Miami in terms of deposits.
Sabadell group now manages a total of $6.4 billion dollars of business (investment and
funds). Banco Sabadell acquired a total $1,675 million dollars in deposits and $875 million
dollars in loans (60% of the loan book) after selecting the assets to be included in the MUNB
deal. MUNB has fifteen branches in Miami-Dade, Broward and Palm Beach counties.
“The successful completion of the Mellon United National Bank transaction represents a
major step in the growth of our U.S. operations,” stated Fernando Pérez-Hickman, Managing
Director, Banco Sabadell America. « We are very pleased with this transaction and especially
the quality of professionals that make up MUNB, their loyalty to the bank, and its excellent
relationship with their customers.. We expect significant benefits for our customers and we
are also pleased that our employees will enjoy new opportunities as part of a larger,
international financial group.”
Press Department
[email protected]
Tel. 902 030 225, ext. 39427 / International callings +34 935 916 360
Fax + 34 935 916 062
More information on Banco Sabadell:
www.bancosabadell.com · Press Room
-1-
This acquisition further confirms Banco Sabadell’s strategy to strengthen its international
presence and consolidate its positioning in the U.S. In addition, this transaction
demonstrates Banco Sabadell’s clear commitment to the Florida market and confidence in
the U.S. financial markets.
The acquisition of Mellon United National Bank, Banco Sabadell's third acquisition in the
area, strengthens the strategy that commenced with the acquisition of TransAtlantic Bank in
2007 and continued with that of BBVA's private banking business in Miami in April 2008. The
acquisition is a major step towards strengthening Banco Sabadell's operating platform in
Florida as part of its international development strategy, at a time when there are attractive
opportunities in the US market.
Sabadell United Bank will be the new brand
Sabadell United Bank will be the new brand of the bank. The new name combines the
strength and innovation associated with Banco Sabadell, the parent international company,
while maintaining the tradition and experience associated with the previous Mellon United
National Bank, in line with our aim of creating one of the soundest banks in Florida.
The bank’s internal and external signage and branding will be replaced during the second
quarter 2010.
As a result, Banco Sabadell will raise ten places in the ranking of local banks in Florida, to
sixth place in terms of deposits. Positioned as one of the leading international banks with a
presence in southern Florida, Banco Sabadell is one of the few banks with the capability and
management expertise to serve the local market (businesses and professionals), manage and
structure project finance deals for large corporation, and provide products and services for
private banking customers.
Pérez-Hickman stated, « Having completed the operation, we are now undertaking an
ambitious plan to bolster our position in Miami. Over the next three years we want to increase
our volumes significantly and we will naturally be paying special attention to opportunities
arising in this market. »
In connection with the transaction, Sabadell was represented by the law firm of Hunton &
Williams, LLP and BroadSpan Capital LLC, in its capacity as financial advisor.
Press Department
[email protected]
Tel. 902 030 225, ext. 39427 / International callings +34 935 916 360
Fax + 34 935 916 062
More information on Banco Sabadell:
www.bancosabadell.com · Press Room
-2-
Banco Sabadell and the southern Florida market
Banco Sabadell (IBEX:SAB) is Spain's fourth-largest bank and has more than 125 years of
experience in corporate and personal banking. It has over 1,200 branches throughout Spain
and a presence in another 19 countries through branches, representative offices,
subsidiaries and affiliates, notably in China, India, the Middle East, Africa and Latin America.
Banco Sabadell's capital ratios are among the highest in the European banking sector. It has
assets totaling more than 118 billion dollars and close to 10,000 employees worldwide.
Banco Sabadell is the only Spanish bank with ISO 9001 certification for all its global
processes and the Gold Seal from the European Foundation for Quality Management (EFQM).
Since 1993, Banco Sabadell has had a full international branch license for its Miami office
(the first Spanish bank in Florida), from where it coordinates all of its operations in America
and provides private and corporate banking services for individuals and businesses in the US
and Latin America.
Press Department
[email protected]
Tel. 902 030 225, ext. 39427 / International callings +34 935 916 360
Fax + 34 935 916 062
More information on Banco Sabadell:
www.bancosabadell.com · Press Room
-3-