Andbank Espana to acquire the Spanish business of Degroof Petercam.

Andbank Espana, a commercial bank, agreed to acquire the Spanish business of Degroof Petercam, an investment bank. Financial terms were not disclosed. “We constantly evaluate our activities and reached the conclusion that this strategic decision brings more added value for all parties involved. For its future development, our Spanish subsidiary lacked the critical mass which it will now reach by joining forces with Andbank Espana. I am confident that Degroof Petercam Spain is in good hands and will prosper under the ownership of AndBank Espana. I would like to thank again the entire team of our Spanish subsidiary and wish them good luck under their new ownership,” Bruno Colmant, Degroof Petercam CEO.