By Olivia Bugault 
 

Banco de Sabadell SA said Monday that it has agreed to sell its institutional depositary business to BNP Paribas SA for 115 million euros ($128 million).

The transaction between the Spanish bank and BNP Paribas Securities Services SCA, known as BP2S, should close during the second quarter of 2021 and generate EUR75 million of net capital gain, Sabadell said.

"The agreement foresees additional collections after the closing subject to the fulfillment of certain objectives linked to the volume of the assets under deposit of BP2S and the incomes for such commissions," Sabadell said about the value of the deal.

Sabadell's institutional depositary business had roughly EUR22 billion in assets under deposit at the end of last year.

 

Write to Olivia Bugault at olivia.bugault@wsj.com

 

(END) Dow Jones Newswires

March 30, 2020 02:38 ET (06:38 GMT)

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