Catalan Group GVC Gaesco is selling 45% of Beka Finance to the Spanish investment group Gala Capital for an undisclosed amount some weeks after naming a new CEO.
The operation, still subject to regulatory approval from the Spanish regulator CNMV, has been announced around a month after the appointment of Enrique García Palacio as the firm's chief executive officer.
Through the sale, the firm will integrate all the business related to the securities agency, which will manage internally and through which will gain operational and commercial efficiency.
GVC Gaesco Group acquired the securities agency Bankia Bolsa - which was renamed Beka Finance - in 2013. Later in 2016, after a period of collaboration between the two securities companies, the Institutional and Retail Equities unit, the Analysis Department, and the Operations and Systems areas were integrated into GVC Gaesco Valores, which was subsequently rebranded GVC Gaesco Beka.
GVC Gaesco has around €5bn in assets under management and administration. The firm announced recently its plans to open an office in Miami aimed at bolstering global growth.