Miami, FL — July 18, 2008 — Hunton & Williams LLP recently represented Spanish lender Banco de Sabadell S.A. ("Sabadell") in a transaction involving the transfer of customer holdings from Banco Bilbao Vizcaya Argentaria, S.A. ("BBVA") with a premium of approximately US$ 40 million.
The attorneys who led the transaction included partner Fernando C. Alonso and associate Uriel A. Mendieta. Alonso, head of the firm's Latin America practice group based in Miami, said: "The transfer of these relationships will increase Sabadell's exposure to Latin American clients having private banking or premiere banking accounts in the United States, expanding the bank's presence in the Americas."
This acquisition strengthens Sabadell's position in international banking by extending its private and corporate banking services to customers in the U.S. and Latin America. Sabadell is the fourth-largest banking group in Spain, and this acquisition will increase its business volume in Miami to over US$ 3 billion, consisting of US$ 2.1 billion in Assets under Management and over US$ 600 million in loans. Sabadell has been operating in Miami since 1993 and has a full international branch charter.
Shutts & Bowen LLP represented BBVA in the transaction.