Renta 4 has formalized the acquisition of the BNP Paribas Personal Investors business, after having reached an agreement last September with the French bank to take over its activities in Spain of commercialization of investment funds, intermediation and custody.
With this operation, Renta 4 seeks to "strengthen its leadership position in Spanish society as a specialized provider of investment services, wealth management and capital markets for families and companies", given that, according to a relevant fact in the CNMV, provides for the incorporation of more than 11,000 clients from BNP Paribas Personal Investors, which "do not open new lines, but are perfectly complemented by the operating business areas of Renta 4".
The final acquisition price will be set in the next 30 days, based on the clients that are finally transferred to Income 4. However, the price of the operation is not expected to have a significant impact on the entity's fully loaded CET1 capital, which at the end of June, still provisional, it is estimated at levels of 17.5%.
BNP Paribas detached itself from this subsidiary after its decision to refocus its strategy in the brokerage sector. When the operation was announced, BNP Paribas Personal Investors had 18,000 clients, with a total equity of 1,250 million euros, while, for its part, the Renta 4 Banco network itself had more than 80,000 at the time.