Exelbank provides custody and settlement-related services to Spanish and international financial institutions, depositary bank services to mutual and pension funds and outsourcing services related to investment operations and private banking. At present, it has around E18 billion in assets under custody and service more than 150 funds, managed by approximately 25 investment managers.
Under the terms of the deal, Exelbank will be merged into BNP Paribas Securities Services. The integration program has begun and both parties have already started to form specialist working groups with the objective of completing successful integration before the end of 2007.
The acquisition will further strengthen BNP Paribas Securities Services’s presence in the Spanish market, where it already has a broad base of both domestic and international clients. The purchase is also in line with the group’s strategy to expand its clientele base.
