Wednesday, March 29, 2023

Law firm trio advises on ABANCA´s acquisition of Targobank España

Pérez-Llorca and Bredin Pat have advised Banque Fédérative du Crédit Mutuel (BFCM) on the sale of of its Spanish subsidiary Targobank España to ABANCA, represented by Uría Menéndez


ABANCA and BFCM (Banque Fédérative du Crédit Mutuel) signed at ABANCA’s headquarters in Madrid the contract for the acquisition of Targobank Spain, following the completion of the compliance period and the consultation of employee representatives as required by French Law. The signing ceremony was attended by the chairman and CEO of ABANCA, Juan Carlos Escotet Rodríguez and Francisco Botas respectively, and the deputy CEO of BFCM, Alexandre Saada.

The transaction, which will be completed during the course of this year, is pending administrative authorisations from the European Central Bank, the National Markets and Competition Commission and the Directorate General of Insurance and Pension Funds. Subsequently, during 2024, the technological integration will be carried out, a process for which ABANCA has a proven model of success in the six corporate operations carried out since 2014.

The integration into ABANCA’s technological platform will enable Targobank Spain’s customers to benefit from greater technological capabilities, especially through its mobile banking; personal attention in a network of nearly 700 branches in Spain; a high degree of specialisation in segments such as families, personal banking, private banking, SMEs and companies, insurance, investment funds, means of payment and consumption; greater diversification of the product catalogue; and its international presence in 11 countries in Europe and America.

With the integration of Targobank España, ABANCA will manage a business volume of €112,544 million, 5.2% more than at present. Loans amounted to €49,219 million, up 6.9%, deposits amounted to €51,390 million (+4.4%) and the number of branches was 727 (+7.5%). The combined NPL ratio was 2.1% and coverage 86%, which will enable ABANCA to maintain the good quality of its assets.

Targobank España has 541 professionals who serve around 150,000 customers through its 51 branches throughout Spain. ABANCA will retain the professionals of Targobank España.

Paris-hadquartered Bredin Prat advised BFCM with a Corporate team comprising partner Matthieu Pouchepadass, and lawyers Jérôme Vincent, Laura Gabayand and Arnaud Caillat, a Tax team with partner Anne Robert and lawyer Pauline Belleau, an IP/IT team with lawyers Lauriane Billette and Félix Marolleau, a Regulatory team with lawyer Bena Mara, a Competition team with partner Pierre Honoré, counsel Valérie Landes and lawyer Guillaume André, a Labour team with partner Laetitia Tombarello and lawyers Emilie Gatineau and Melchior Bebey, and a Finance team with partner Karine Sultan and lawyer Jessim Djama.

Pérez Llorca acted along with Bredin Prat on the Spanish Law aspects with a team formed by Corporate M&A partner Pablo González Mosqueira, Corporate M&A lawyer Ignacio Mozo, Insurance and Reinsurance partner Joaquín Ruiz Echauri, Insurance lawyer Jesús Almarcha, Banking of counsel Eduardo Arbizu, Banking partner Josefina García Pedroviejo, Tax partner Norma Peña, Tax lawyer Sergi Aguilar, Employment partner Isabel Moya and Employment lawyer Eva Láuzara.

Francisco San Miguel (left) and Antonio Guerra (right)

Uría Menéndez advised ABANCA with a team made up of M&A-Private Equity partner Francisco San Miguel, Competition partner Antonio Guerra, M&A-Private Equity associate Alejandra Roberts and Competition associate Alberto Pérez.

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