MoraBanc has just formalized the acquisition of more than 75% of Tressis with the authorization of Spanish and Andorran regulators. The rest of the capital will be in the hands of the management team, employees and agents of Tressis, led by José Miguel Maté, CEO of the private banking entity.
In this way, MoraBanc manages to place itself among the main wealth management companies in Spain, with an approximate volume of 8 billion euros, above Creand, with almost double the assets, and still far from Andbank , with a third of what the bank was leading. by Carlos Aso manages the Spanish market, according to the latest ranking of private banking carried out by elEconomista.es. And thanks to this operation, MoraBanc reaches 18 billion euros in assets, including 8 billion in Andorra and 10 billion coming from its international activities.
The formalization of the purchase is accompanied by the renewal of the board of directors of Tressis, which will be chaired by Juan Maria Nin and which includes Lluís Alsina, CEO of MoraBanc, Marc Mora, Francesc Xavier Maymó, Rita Estévez and Rosa Bruguera. directors. Santiago de Rivera Parga, José Miguel Maté Salgado and Sonsoles Santamaría, founders of Tressis almost 25 years ago, remain directors.
The agreement provides that the philosophy and economic model of Tressis will be maintained, although it is foreseeable that the arrival of the Andorran entity will lead to changes in strategy at a time when all companies are positioning themselves to gain relevance in wealth management and, above all, financial advice, in an environment where the European authorities continue to commit to maintaining retrocessions on fund sales but under certain conditions.
One of Tressis’ strong points is its fund distribution platform, at a time of reorganization of this business. In mid-July, Banca March sold 49% of Inversis, which owns another fund platform bearing the Spanish seal, to Euroclear. Tressis has 15 offices in cities like Madrid, Barcelona, Bilbao, Seville, Valencia and Valladolid, among others, and has more than 8,000 clients.
For Lluis Alsina, CEO of MoraBanc, “the acquisition of Tressis represents a decisive step in the group’s desire to develop in Spain, after having created Morawealth in 2021 and pending approval from regulators for the acquisition of Finance by the European Bank”.
