Arquia Banca acquires Profim

Spanish credit union Arquia Banca is to acquire independent financial advisory company Profim.

The deal is subject to regulatory approval and would make Arquia Banca a major shareholder of Profim, which tallies over 1,000 clients and manages €350m.

The transaction aims to develop Arquia Banca’s activities on the private bank segment targeting ultra-high net-worth individuals and institutional clients.

Profim is registered since 2010 as an independent financial advisory firm.

Established in 1983, Arquia Banca has over 116,000 clients and managed some €1.95bn in assets at end 2015.

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