The BCP confirmed this Tuesday the sale of Milleniumbcp Management Asset Management-Society of Investment Funds to the Spanish group IDMC for € 15.75 million.
In a statement sent to the Committee on Securities Market Commission (CMVM), BCP confirms the signing of the agreement with the IDMC Group, an outcome already anticipated last Friday by the Spanish newspaper Cinco Dias.
business has also been confirmed by the IDMC group, which said that the operation should be completed by the end of the first quarter of 2015 and that “the marketing of funds will continue to be made by Milleniumbcp network.”
In the information sent to the CMVM, BCP said that the sale, which is still subject to approval by the supervisory authorities will have a positive impact on the bank’s consolidated capital ratios.
With this deal, BCP highlights which gives “one more step before the deadline, in compliance with the agreement signed with the Directorate General for Competition of the European Commission and the Portuguese authorities regarding the restructuring of the BCP plan, in line with its strategic plan.”
Also according to information released by the BCP, the Spanish group will, after the acquisition, “to be the second largest independent group in the Iberian Peninsula, with approximately EUR two billion under management in mutual funds and portfolio management and more than € 82 billion in securitization funds. “
The BCP presents the IDMC as” one of the most important independent financial entities of the Iberian Peninsula, with over 30 years of activity “and that is present in Portugal through its subsidiary Intermoney values.
Commenting on the acquisition, Iñigo Trincado, Deputy Administrator of the IDMC Group, said that the operation reflects the “strength” of your group and “confidence in the market potential Portuguese and the growth prospects of the asset management industry. “
Emanuel Silva, Vice President of Intermoney Securities, points out that” the high quality of the teams and the MGA products are an excellent opportunity to build a of the largest asset management platforms in the Iberian Peninsula “.
News were aware that the BCP would have invited two candidates, the Spaniards and the Portuguese IDMC Dunes Capital, to improve their proposals. This invitation would leave out two other candidates, Canadians F & amp;. C and the Portuguese Patris Investments
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