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.