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Banco Sabadell To Open Representative Office In New York

Stocks in this article: SAB

Banco Sabadell will open a representative office at Rockefeller Center this month, expanding its U.S. presence as part of a three-year international expansion plan. The office will act as a liaison between the parent bank and overseas clients, while allowing the bank to establish business opportunities within the fields of project finance and corporate banking.

The opening of the New York office complements the firm’s growth strategy in the United States. Sabadell has operated in Florida since 1993. Banco Sabadell currently has an international branch and a U.S. chartered bank, Sabadell United Bank, N.A., based in Miami. Today, Sabadell United Bank, including its U.S.-based wealth management division, Sabadell Bank & Trust, has 24 offices throughout Florida. Combined client deposits and off-balance sheet wealth management assets, in the United States total $6.7 billion, with loans of $3.4 billion. The bank is the seventh-largest based in Florida in deposits with $2.4 billion.

Sabadell has maintained a prominent position in project finance, with a highly qualified team focusing primarily on renewable energy project finance and infrastructure, aimed at both European and American customers. The bank’s position and experience in the renewable energy market in Europe has allowed it to successfully apply this knowledge to markets in the United States.

Sabadell’s presence in New York, the world’s financial capital, will boost its business in the Americas. The move marks a forceful step into the world of structured finance and corporate banking, which should allow further growth in customer and geographic diversification.

Banco Sabadell, S.A. (IBEX: SAB) will be, after the pending acquisition of CAM, the fifth largest listed bank by assets in Spain, with $224 billion in assets, 17,000 employees and more than 2,200 offices in Spain. Sabadell has more than 130 years of experience in corporate and commercial banking and a presence in 18 other countries through branches, representative offices, subsidiaries and affiliates, especially in the United States, China, India, the Middle East, Africa and Latin America. Banco Sabadell’s capital ratios are among the highest of any European bank.

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