Spanish bank Bankia has been authorised to absorb Banco Mare Nostrum (BMN) after receiving European Central Bank (ECB) regulatory approvals. The merger, whose talks started in March 2017, was subject to the approval of the Spanish Ministry of Economy, the General Directorate for Insurance and Pension Funds, the Bank of Spain, the National Markets and […]
The Canadian Scotiabank is negotiating with BBVA the acquisition of 68.19% stake in BBVA Chile for €1.85bn. Although BBVA has a majority stake in its Chilean subsidiary since 1998, it has maintained a corporate agreement with the Chilean holding Grupo Said – owning 31.62% of BBVA Chile – that provides it a preferential acquisition right. […]
The Spanish National Securities Market Commission (CNMV) has published its first list including 20 accepted certifications that prove compliance with the guidelines set out by the European Securities and Markets Authority Esma in order to meet Mifid II’s requirements. The 20 titles appearing on the list correspond to the training certifications – taught by six educational […]
Spanish banking group Bankia Fondos has launched the Bankia Gestión Alternativa FI, registered at the Spanish National Securities Market Commission (CNMV) on 28 July 2017. The fund, which is a global fund of funds, actively managed with a focus on alternative management, will invest in public and private equity and fixed income. At least 75% […]
Spanish financial group Liberbank has put on sale its branch Mihabitans in order to cut part of its real estate strategy, the Spanish National Securities Market Commission (CNMV) has informed. Mihabitans, which was created in 2016, runs thousands of flats, commercial premises and properties that the bank has been acquiring over the last years of […]
The chairman of the Spanish National Securities Market Commission (CNMV), Sebastián Albella, has been appointed as a member of the management board of the European Securities and Markets Authority (Esma). The CNMV chairman will also be a member of the Esma’s mediation panel. The management board of the Esma is comprised of the chair, Steven […]
The Spanish National Securities Market Commission (CNMV) has published an handbook in English on the fast-track authorisation process for investment firms seeking a new base in Spain as a result of Brexit. The handbook explains the key features of the fast-track authorisation process, which consists of an initial pre-authorisation phase lasting two weeks and a second […]
Cobas Asset Management, the boutique of the renowned Spanish fund manager Francisco García Paramés, has received authorisation for its launch from the market regulator CNMV. The CNMV issued the authorisation on 30 December that will allow Cobas AM to be fully operational with five mutual funds in February this year. The Spanish boutique announced that the […]
Bolsas y Mercados Españoles (BME), the Spanish exchange operator, has reportedly asked for authorisation to launch a platform for mutual funds. The authorisation was requested to the Spanish financial regulator CNMV and the new fund platform is expected to be launched by the end of this year, El Confidencial has reported. BME declined to comment […]
International funds distributed in Spain have reached record levels in assets under management, number of products and participants. Assets of international Sicavs and funds distributed in Spain reached €107bn in Q1, which is an increase of 12.6% year-on-year, according to data from Spanish regulator CNMV. Only investment funds hit a new record high after reaching €16bn […]
Elvira Rodriguez has been appointed head of Spain’s Comisión Nacional del Mercado de Valores (CNMV), the country’s stock exchange regulator.
With the number of Spanish mutual saving banks down by two-thirds, the consolidation of the mutual funds range available to selectors is accelerating.