Santander buys Indosuez's wealth management business in Miami
- Santander, which did not disclose the value of the deal, expects to close it by mid-2021, pending regulatory approval.
- Banks in Europe are grappling with the effects from ultra low interest rates and the economic fallout from the COVID-19 pandemic, and are diversifying into more profitable businesses, such as wealth management, with higher, stable fee incomes.
MADRID: Spain's Santander said on Tuesday it was acquiring a $4.3 billion portfolio of client assets and liabilities from Indosuez Wealth Management, the global wealth management brand of Credit Agricole group , in Miami.
Santander, which did not disclose the value of the deal, expects to close it by mid-2021, pending regulatory approval.
Banks in Europe are grappling with the effects from ultra low interest rates and the economic fallout from the COVID-19 pandemic, and are diversifying into more profitable businesses, such as wealth management, with higher, stable fee incomes.
The Spanish bank said the deal would be executed through Banco Santander International (BSI), part of its private banking division, which manages 230 billion euros in customer assets and liabilities. BSI is fully owned by Santander Holdings USA.
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