MoraBanc has just formalized the acquisition of more than 75% of Tressis by having permission from both the Spanish and Andorran regulators. The remaining 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 firms in Spain, having an approximate volume of 8,000 million euros, above Creand, with almost double the assets, and still far from Andbank, with a third of what the bank led by Carlos Aso manages in the Spanish market, according to the latest private banking ranking by elEconomista.es. And thanks to this operation, MoraBanc reaches 18,000 million euros in assets, with 8,000 million in Andorra and 10,000 million from its international business.
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 where Lluís Alsina, CEO of MoraBanc, Marc Mora, Francesc Xavier Maymó, Rita Estévez and Rosa Bruguera enter as new directors. Santiago de Rivera Parga, José Miguel Maté Salgado and Sonsoles Santamaría, founders of Tressis almost 25 years ago, remain as directors.
The agreement foresees that the philosophy and business model of Tressis will be maintained, although it is foreseeable that the landing of the Andorran entity will entail changes in the strategy at a time when all the firms are positioning themselves to gain relevance in wealth management and, above all, financial advice, in an environment in which the European authorities continue to commit to maintaining retrocessions on the sale of funds but with certain conditions.
One of Tressis’s strengths is its fund distribution platform, at a time of reorganization of this business. In mid-July, Banca March sold 49% of Inversis, which has another of the fund platforms with a Spanish seal, to Euroclear. Tressis has 15 offices in cities such as 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 firm step in the group’s desire to grow in Spain, after creating Morawealth in 2021 and awaiting approval by regulators of the European Bank’s purchase. of Finance”.
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