EFG International (EFG) has agreed to sell its minority stake in Asesores y Gestores Financieros S.A., A&G, to the Spain-based private bank’s management team.
The deal for the 40.5% stake is expected to close in the first quarter of 2022. Both EFG and A&G will continue to cooperate in a number of areas.
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According to EFG’s full 2020 results, the transaction may actually improve EFG’s revenue and efficiency metrics going forward.
In addition, the deal will have a slight positive impact on EFG’s net profit in 2021.
Furthermore, the change in ownership will give greater local stewardship to A&G. It will also widen its range of strategic options to drive growth in the Spanish private banking market.
A&G will continue to utilise the EFG product suit and international network and will collaborate in the distribution of New Capital funds in Spain. They will also help each in other when it comes to specialised corporate finance advice and other activities.
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By GlobalDataGiorgio Pradelli, CEO of EFG International, said: “I am pleased that this agreement has been reached with the management of A&G. The management buy-out ensures continuity for A&G’s clients and will enable us to focus fully on our core international private banking and asset management business, driving further profitable growth in our core markets.”
Alberto Rodriguez-Fraile Diaz, chairman of A&G, added: “EFG has been a strong and reliable partner to A&G for many years and has supported our growth and development into an established and leading private bank in Spain. After achieving a strong performance and positive net new asset inflows in the past few years and in 2020 in particular, we will now focus on driving our future development and growth independently. I very much look forward to shaping the successful future of A&G together with the whole management team.”
Founded in 1987, A&G is a leading private bank in Spain, with an established brand name and assets under management of CHF12.4bn ($13.6bn) at the end of 2020.
