The shop of private bank (wealth management) A&G ordered Mediobank the transfer of 10% of its capital. According to sources close to the matter, this 10% belongs to the venture capital fund GPF Capital and A&G is seeking a valuation of 250 million for 100% of the entity. These sources add that another fund is interested, Tikehau Capital.
Founded in 1987 by Alberto Rodriguez FraileA&G is one of the leading independent private banks in Spain, with over 14 billion euros in heritage managed. It has a somewhat structured appearance sui generissince the bankers are at the same time associated with the capital of the entity. He has bank statement in Spain and a subsidiary in Luxembourg.
In 2008, the Swiss bank EFG It bought back 40.5% of the capital of A&G, a stake that it held until 2021, when it sold it to “Spanish shareholders”, according to what the entity then announced . Reportedly, the buyers were A&G’s own partners and the aforementioned GPF fund.
GPF is known in our country above all for its investments real estate. Thus, in 2021, it bought the headquarters of the Bank of Madrid (subsidiary of the Private Bank of Andorra intervened by the Bank of Spain in 2015) in the Plaza de Colón in Madrid for 35 million. In July this year, he sold to Mutua Madrid the known Aurgi Stores and workshops Automobile city (located in the El Corte Inglés car parks).
From now on, this fund is seeking to exit at least partially its participation, which explains the sale of “at least” the 10% mentioned above. Now this requires a assessment of 250 million for 100% of A&G, 50 million more than the figure at which the bank was valued for the exit of EFG (around 200 million according to various media, although the amount was never made official) to reach the corresponding amount added value.
The main interested party in this stake, again according to sources, is the Tikehau fund. This investor is much less present in Spain and, with the A&G operation, it would enter the private banking sector for the first time. Tikehau is listed on Euronext (Paris Stock Exchange), usually invests in technology sectors and manages 46.1 billion in assets.
Wave of purchases in private banking
The private banking and asset management sector has seen a wave of corporate operations in Spain in recent months, from which A&G now wishes to take advantage. Among these operations, those carried out by the Andorrans stand out MoraBancwho acquired Braidedthe store they participated in Javier Lopez MadridCEO of Grupo Villar Mir and well-known friend of kings; either Lalo Azconaowner of Communication study. Likewise, MoraBanc acquired the banking file of BEF has Unique.
The main Andorran bank in Spain, And bankalso acquired the historical society Gesconsult to the family Llado. Another very active entity in this consolidation process was the Basque Community. Bank Kutxawhich was made with 100% Norbolsa and of Finecoand intends to continue its acquisitions to develop in wealth management.
Other less relevant operations were the purchase of Altais by Solventis or that of Gesnorte by Capital of the dunes.
