BCP sells asset management to the Spanish CMID by 15.7 million – Economic

BCP sells asset management to the Spanish CMID by 15.7 million – Economic

Economic

00:05

With this acquisition, the Spanish group will manage approximately EUR two billion in mutual funds and portfolio management.

The BCP formalized the sale of Millennium Asset Management (MGA) CMID the Spanish group, which owns Intermoney brokerage in Portugal for € 15.75 million. This deal will have “an estimated positive impact on the consolidated capital of BCP , ie, an increase in the ratio ‘common equity tier’ 1 of 3 basis points (bp) in accordance with the criteria and phased-in 4 dc in base fully Implemented, “the bank said in a statement.

The IDMC group, which is present in the domestic market since 2003 in the areas of brokerage and consulting through Intermoney Portugal also refers in a statement that this operation will allow to expand its asset management activities and create a competence center in the country, ensuring a partnership in the distribution of investment funds with Milleniumbcp. With this acquisition, the Spanish group starts managing approximately EUR two billion in mutual funds and portfolio management, and more than € 82 billion in securitization funds, “making it the second largest independent financial institution in Peninsula Iberian, by volume of assets under management. “

” The acquisition of AMS reflects the soundness of the IDMC group and our confidence in the potential of the Portuguese market and growth prospects of the asset management industry, ” refers Iñigo Trincado, deputy director of the IDMC group.

The transaction, which is subject to approval by the supervisory authorities, should be completed by the end of the first quarter of 2015 Following this transaction, BCP will adopt a model of distributing investment funds into domestic and international open architecture, which will result in a widening of the offer of investment products.