abanca and the Banque Fédérative du Crédit Mutuel (BFCM) started negotiations for The sale of Targobank Spain. This was announced by the organization headed by Juan Carlos Escotet in a statement stating that the operation will continue in accordance with the provisions of French law in the coming weeks, and It will be perfect in 2023after acquisition is closed.
“The purchase, Abanca’s presence in the Iberian Peninsula Significantly strengthening our activity in the Mediterranean broadcastfollowing our strategic plan”, Escotet assured.
Like Abanca, Targobank Spain’s business strategy is geared towards attracting and connecting individuals “as well as supporting small and medium-sized companies”. It has 541 professionals serving approximately 150,000 customers through 51 offices on national territoryespecially in Catalonia, Madrid, Andalusia and the Balearic Islands.
After the purchase and sale process is completed, Targobank has been integrated into Abanca’s technological platform and same benefits The Galician presence has.
“Acquisition of Targobank Spain” for Abanca CEO Francisco Botas Ratera will strengthen strategic business lines like them for us financing for families and companiesas well as their connections through valuable products such as insurance, payment instruments or mutual funds. The operation enables improvement in business penetration, efficiency and has little impact on capital”.