Filed Under: [ Business ] [ Hispanic News ] [ Press Releases ]
Tags: Banking, Reno, Spain
Knowledge is Power!
“Banco de Sabadell, S.A. “Sabadell”, the fourth largest banking group in Spain, and TransAtlantic Holding Corporation “THC”, the bank holding company parent of Miami-based TransAtlantic Bank “TransAtlantic”, announced today that they had signed a Share Exchange Agreement providing for the acquisition by Sabadell of all of the outstanding common stock of THC for an aggregate of $175.05 million, subject to certain possible adjustments. The transaction, which has been approved by the consent of the holders of more than a majority of the outstanding THC common stock acting in lieu of a stockholders meeting, marks the first acquisition for Sabadell in the United States. The transaction is subject to the approval of Spanish and U.S. federal and Florida bank regulatory authorities, and to customary closing conditions. Sabadell expects to continue to operate TransAtlantic under its present name from its 7 offices which serve the Miami-Dade markets.
According to the Chairman of Banco Sabadell, José Oliu, “The acquisition of TransAtlantic Bank is Banco Sabadell’s first step in implementing our retail banking know-how in a market that offers attractive potential and favourable conditions for growth and value creation.”
Miriam Lopez, Chairman and CEO of TransAtlantic, who will continue in such capacity, commented, “We are very excited about this acquisition, and for good reason. Having established a very successful community banking operation within the Miami-Dade market, we are confident that the financial strength of Sabadell will enhance our market position and promote even stronger growth and profitability going forward.”
Sabadell comprises several banks and other financial companies and offers a wide range of services including commercial banking, corporate banking, bancassurance and asset management. This year, Sabadell is celebrating the 125th anniversary of its establishment. As of January 22, 2007, Sabadell had 1,184 domestic branches and was present in 19 other countries. Sabadell also has had a full branch in Miami, Florida since 2005 and an International Office in Miami since 1993. Sabadell shares are listed on the Spanish stock exchange and, as of January 22, 2007, Sabadell had a market capitalization of $14.2 billion. As of September 30, 2006, Sabadell had total assets of $86.1 billion, total loans of $66.7 billion, total deposits of $68.3 billion and total equity capital of $4.8 billion. For the nine months ended September 30, 2006, Sabadell reported net income of $558 million.
At September 30, 2006, THC had total consolidated assets of $580 million and operated out of 7 offices located in Miami-Dade County in Florida.
BroadSpan Capital LLC acted as financial advisor to Sabadell in connection with the transaction and delivered a fairness opinion to Sabadell related to the consideration to be paid by Sabadell. Murai Wald Biondo Moreno & Brochin, P.A. acted as legal advisor to Sabadell in the transaction.
Keefe, Bruyette & Woods, Inc. represented THC in connection with the transaction and delivered a fairness opinion to THC that the exchange consideration to be paid to the THC stockholders in the transaction was fair, from a financial point of view. Patton Boggs LLP acted as legal advisor to THC and TransAtlantic in connection with the transaction.”
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