Banc Sabadell completes the acquisition of the US JGB Bank in Florida for $36 million

Barcelona (ACN.) - Sabadell United Bank, the US subsidiary of Catalan Banc Sabadell, has strengthened its position in Florida, purchasing JGB Bank of Miami for 49.6 million dollars (€36.45 million). The Catalan company, chaired by Josep Oliu, has informed the Spanish Spanish Stock Market Authority (CNMV) about this operation on Monday. With the integration of JGB Bank, Sabadell United will become a benchmark in the U.S. state of Florida with a total of 40,000 clients, a turnover of close to 8,000 million dollars (€5,876 million) and 27 branches. The operation began in December and now, in July, the bank has received the necessary authorisation from regulatory bodies within schedule.

After this operation, Sabadell United Bank has strengthened its position in Florida. The bank now has a network of 27 branches, 40,000 customers and a volume of business worth close to 8,000 million dollars (€5,876 million). It is the fifth largest bank in this US state in terms of assets.

This is the seventh Banc Sabadell corporate operation in the United States in the last seven years. The Catalan company began operations in Miami in 1990, and after three years, was classified as an operational subsidiary or 'full International branch.'