Spanish manager Renta 4 Banco has acquired BNP Paribas Personal Investors, the online broker of BNP Paribas in Spain which is mostly aimed at retail investors.
Through the operation, Renta 4 Banco seeks to grow within the investment services business as well as consolidating its position as an intermediary platform, by incorporating BNP Paribas' unit of more than 18,000 clients - both retail and institutional - whose assets under management amount collectively to €1.25bn.
The operation, still pending of regulatory approvals, is expected to be made effective during the first quarter of 2020. Renta 4 said in a note: "The parties have agreed not to make public the economic terms of the transaction, since the final amount will be determined at the close of the operation, based on the number of clients transferred."
The company added that the acquisition will not mean "a significant" resource consumption for them, nor an increase in expenses or obtaining any new license, given the broker's range of business activities transferred to Renta 4 were already within its existing own products and services offering.
Juan Carlos Ureta, president of Renta 4 Banco,said: "Renta 4 seeks to strengthen its leading position as a provider of specialised investment services, wealth management and capital markets activities for Spanish families and companies. BNP Paribas Personal Investors' customer base perfectly complements Renta 4's current operational business areas."
Renta 4 Banco currently has over 80,000 clients and €21bn in assets under management.