Deals

Completion Date
January 2010

Transaction Type
Acquisition

Transaction Value
(Not disclosed)

Lead Partner
Michael Gerrard
Telephone +1 305 424 3400

Background
BroadSpan, specialised in Latin Amercia and the Caribbean, has advised Banco Sabadell in its acquisition of Florida based Mellon United National Bank on behalf of its client Banco Sabadell. The new venture will become one of Florida's largest banking operators, and will operate under the name of Sabadell United Bank.

Banco Sabadell (IBEX:SAB) is Spain´s fourth-largest bank, with more than 125 years of experience in corporate and personal banking. It has over 1,200 branches throughout Spain and a presence in another 19 countries through branches, representative offices, subsidiaries and affiliates, notably in China, India, the Middle East, Africa and Latin America.

With this transaction, Banco Sabadell has acquired a total of $1.675 million in deposits and $875 million in loans. The group now manages a total of $6.4 billion of business (investment and funds) in Florida and now has over 20 branches in Florida alone.

The acquisition of Mellon United National Bank, Banco Sabadell´s third acquisition in the area, strengthens the strategy that commenced with the acquisition of TransAtlantic Bank in 2007 and continued with that of BBVA´s private banking business in Miami in April 2008.

What Difference Did We Make?
Banco Sabadell acquired a clean loan portfolio via a heavily negotiated transaction structure that involved the assumption of Mellon United's deposit base and the acquisition of selected performing loans. As a result, BroadSpan assisted Sabadell in tapping into a significant branch network while minimizing credit risk.