BNP Paribas and JPMorgan Chase announced today that they have reached a definitive agreement for BNP Paribas EspaÃ±a S.A. to acquire the Spanish asset management and private banking businesses of the former Chase Manhattan Bank, now J.P. Morgan Bank S.A.
As a result of this agreement, Chase´s Spanish asset management and pension fund companies, Chase Manhattan Ahorro and Chase Manhattan PrevisiÃ³n, will be integrated into BNP Paribas.
The transaction, which is still subject to regulatory approvals, represents the transfer of more than 750 million euros of assets under. It is expected to be completed as soon as possible. The terms of the agreement have not been disclosed.
The acquisition enables BNP Paribas to become a leading international institution in the Spanish high net worth market, with nearly 2.5 billion euros in assets under management and 17 private banking offices throughout Spain. The transaction will result in a significant broadening of the range of mutual and dedicated funds managed locally by BNP Paribas Asset Management. This acquisition is in line with BNP Paribas´ strategy to grow its private banking and asset management activities in the most attractive European domestic markets.
(source BNP Paribas)