Global financial services group EFG International (EFG) has agreed to sell its 40.5% minority stake in Asesores y Gestores Financieros (A&G) to the Spanish private bank’s management team for an undisclosed sum.
The change in ownership will allow A&G to widen its range of strategic options to drive its growth in the Spanish private banking market.
At the same time, A&G will continue to benefit from EFG’s product range and international network. EFG and A&G will maintain their cooperation in various areas; including the distribution of capital funds in Spain, specialised corporate finance advice and other activities.
The transaction is expected to close in the first quarter of 2022, subject to regulatory approval.
Giorgio Pradelli, chief executive of EFG, said: “I am pleased that this agreement has been reached with the management of A&G.
“The management buy-out ensures continuity for A&G’s clients and will enable us to focus fully on our core international private banking and asset management business, driving further profitable growth in our core markets.”