December 9, 2013
MIAMI — December 9, 2013 — Hunton & Williams LLP advised Sabadell in its acquisition of the assets and liabilities that comprise Lloyds Bank's private banking business based in Miami for mostly Latin American clients.
"We are pleased to continue to assist Sabadell in this sort of transaction," said Fernando C. Alonso, corporate partner and chairman of the firm's Latin American practice group. "Transactions like this one show that Sabadell is a key player in the segment of the private banking business focusing on Latin American high-net worth clients. We are pleased to have been able to represent the Bank once again in an acquisition in this area."
The transaction occurred through Sabadell's international branch in Miami, where the organization provides private and corporate banking services in both the United States and Latin America. The branch currently manages $5 billion in international business. The transaction encompasses approximately $900 million in managed assets and about $40 million in loans. The transaction closed November 1st.
The Hunton & Williams team is led by corporate partners Fernando C. Alonso in Miami and David R. Yates in Atlanta, and includes associates Uriel A. Mendieta and Gabriel L. Valdes in Miami. The team took direction and worked closely throughout the legal process with Anna Oestereicher, Sabadell's general counsel in Miami. The financial advisor to Sabadell was Keefe, Bruyette & Woods. The law firm acting for Lloyds Bank was Allen & Overy.
The firm has established a diverse banking as well as Latin America practices, consisting of lawyers and consultants with a long history of experience in the field and region. The team of lawyers regularly represents global financial institutions operating in the United States and Latin America.