BNP Paribas to acquire depository unit of Banco Sabadell for €115m.

BNP Paribas agreed to acquire the depository unit of Banco Sabadell, a Spanish bank, for €115m ($128m). The sale is expected to finalise in the second quarter of 2021. The deal also features additional post-closing payments subject to the fulfilment of certain objectives linked to the volume of BNP Paribas’ income on the newly-acquired assets. "The acquisition of Sabadell’s depositary banking business consolidates our position as a leading asset servicing provider in Spain, where we are the first depositary bank for independent asset managers. It is part of our strategy to develop our network in targeted markets in Europe and globally,” Soledad Lecube, BNP Paribas Head.