Private equity firm Warburg Pincus and Spanish banking veteran Javier Marín Romano have obtained approval from the European Central Bank to acquire Self Bank from Société Générale's Boursorama subsidiary.
The acquisition, whose economic terms have not been yet disclosed, was announced last year in June and had been expected to close by the end of 2018.
Self Bank has said the operation will not have any impact on its clients, since the online bank will remain as a Spanish entity, whose funds are guaranteed by the Deposit Guarantee Fund (Fondo de Garantía de Depósitos) and supervised by the Bank of Spain.
With 18 years' history, Self Bank is an online wealth management provider with a broad suite of banking and wealth management products including savings accounts, payroll accounts, equity, CFDs and over 2,400 investment funds.
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $44bn in private equity assets under management and its active portfolio of more than 160 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value.
Javier Marín Romano, with around 25 years' experience in the Spanish banking and financial industry, has held various positions at Banco Santander since 1991, including director and chief executive officer from 2013 to 2015. Prior to that, he was head of the global private banking, asset management and insurance division.