As part of the extension of its asset management activities, Banco Popular
has just announced the acquisition of a 25% interest in the Iberagentes group.
Iberagentes, whose top holding company is Fortior Holding SA, specialises in
wealth management services and currently has assets under management of 1.65
On completion of the transaction, Fortior Holding"s shareholders will be composed
of Banco Popular, Dexia Banque Internationale à Luxembourg (Dexia BIL) and the
founding shareholders, Vicente Santana and Emilio Viñas, each with an equal
interest. Under the terms of the agreement, Banco Popular may subsequently acquire
a majority shareholding.
Banco Popular and Dexia BIL will contribute to Fortior Holding"s development.
As a result of this transaction, the three groups will be able to create synergies
in the fields of private banking, financial counselling and corporate finance.
Banco Popular group is pursuing a strategy aimed at growth across all areas
of business. Through this transaction and the development of a private banking
and asset management structure, it will be in a position to profit from the
strong growth opportunities of the private banking market.
One of the immediate objectives is to create a private wealth management bank,
which will start to operate as soon as the requisite authorisation has been
granted by the competent authorities and which will integrate the current structure
and business of Iberagentes Activos SV, SA.
As a result of this transaction, the Banco Popular Group will be able to make
a truly global commitment to its customers through a range of exclusive private
banking services. To do this, it will draw on Iberagentes" current expertise
and the private banking experience of Dexia BIL which currently has total deposits
of 31 billion euros.
Dexia BIL pilots the Dexia group"s wealth management and fund administration
business which amounts to total assets under management of 55 billion euros
Iberagentes was founded in 1983 and its principal business is asset management
and product distribution for a well to do clientele.
The Fortior Holding Group consists of 6 companies. The sales force is concentrated
within d"Iberagentes Activos SV, which commercialises the group"s products and
services via 12 offices in Madrid (2), Saragossa (3), Valencia (2), Barcelona,
Pamplona, Seville, Bilbao and Tenerife. It also has a network of 73 representatives
and 26 institutional distributors. In addition, the Fortior Holding Group has
a pension plan management company (Iberagentes Previsión) and two fund management
companies (Iberagentes Gestión Colectiva and Gestion Premier Fund). Iberagentes
Servicios and Iberagentes Sistemas provide the administrative, respectively,
IT support for the Group.
The new entity will be able to rely on Iberagentes Activos" current office
network - planned to comprise 20 offices over the next four years - on the distribution
capacity of the Banco Popular Group"s 2000 plus branches and on Dexia BIL"s
know-how in the field of asset management and financial counselling. The objective
set is to have assets worth 4.8 billion euros under management by 2003.