The Tressis sale has hit the gas. After the two previous unsuccessful attempts to sell to Morabanc and Haitong, the coronavirus crisis has once again removed the need to exit among its shareholders. As ForexNews.online has learned from solvent sources in the market, in recent weeks Morabanc has made a second attempt by Tressis after his 2015 fiasco while the North American fund JC Flowers & Co studies making a binding offer by the Spanish wealth management firm. Months ago, Abanca also showed interest for taking over the securities company led by José Miguel Maté.
Morabanc's first attempt to purchase Tressis dates back to 2015. After announcing an acquisition agreement, months later the CNMV vetoed the sale for fear of a repeat of the Banca Privada d’Andorra (BPA) -Banco Madrid case. This Andorran private bank and its Spanish subsidiary were intervened in the face of accusations by the United States of money laundering from organized crime. The Spanish supervisor wanted to avoid in Tressis a corporate operation with the Andorra Andorra brand ’in full question.
Since then Morabanc has kept a low profile. Until a few months ago. In February, the Andorran bank finally set foot in Spain with the establishment of a securities agency in Barcelona, MoraWealth. And he has also participated until almost the last moment in the auction by the Degroof subsidiary Petercam, Bid that Andbank has finally won. His intention is to grow organically, but he lacks initial muscle that I can only achieve inorganically. For this reason, it has tried to get Tressis five years later, although the sources consulted agree that the boutique has rejected Morabanc's offer as being too low.
“Tressis continues to work to strengthen its leadership position among independent wealth management entities in Spain. We continue with our strategic plan and we continue betting on organic growth ”, they point out from the firm led by Maté. Tressis, founded in 2000, manages more than 4,400 million euros of customer assets, with data from 2019. Within that volume of assets, the almost 390 million of Tressis Gestión's funds and sicav are included, according to Invervo.
FROM JC FLOWERS & CO TO ABANCA
But Morabanc is not the only one interested in Tressis. US venture capital fund JC Flowers & Co is exploring the possibility of making a binding offer for the wealth management boutique in the coming weeks. Founded in 1998 by J. Christopher Flowers, the fund has since invested $ 16 billion in 56 companies in 18 different countries. It is well known in the Iberian financial sector precisely for its investment in Vall Banc since 2016, the 'healthy' bank that came out of the BPA intervention and received his good assets.
Tressis denies that they have negotiated or are negotiating with this fund and the fund itself has declined to comment on this newspaper. Other investees of this fund, specialized in financial entities, are Vericity, Hamburg Commercial Bank, First Bank, Castle Trust, Jefferson Capital, Chi-X or BTG Pactual.
Vall Banc, owned by JC Flowers & Co, has entered the Spanish market with the purchase of Argenta Patrimonios, the financial advisory company of Juan Manuel Casanovas and based in Barcelona. As Morabanc has done with its own securities agency, the Andorran bank wants to boost business in Spain from Barcelona.
As Bolsamanía published, another actor interested in Tressis has been the Venezuelan Juan Carlos Escotet. At the end of last year, the bank that presides in Spain, Abanca, held talks with the asset manager to probe its entry into the capital, although the operation did not progress. The Galician bank has been one of the most relevant entities in the field of corporate operations in recent years, both in Spain and in Portugal, with purchases such as those from Deutsche Bank Portugal or Caixa Geral Spain.
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