Credit Suisse, the Swiss financial services giant, announced yesterday its plans to target affluent Spanish investors with the signing of a letter of intent to acquire General de Valores y Cambios (GVC), a Barcelona-based broker and asset manager. Terms of the acquisition, which is subject to the approval of the relevant supervisory authorities, have not been disclosed.
Specialising in securities trading and investment management for private clients, GVC has more than 840 million Euros (US$ 750 million) in assets under management, and the move to aquire the company is viewed by Credit Suisse as an important step in establishing itself within the affluent clients segment in Spain.
A statement from Credit Suisse said: 'With over 20,000 clients, a network of 150 internal and external financial advisors, a successful Internet offering and a comprehensive product range, GVC will provide an ideal platform for Credit Suisse to launch its Personal Finance offering, which is already operating successfully in Italy, in the Spanish market.'
Credit Suisse's Personal Finance package involves providing integrated financial services to affluent clients via a multichannel offering comprising a personal financial portal, call centre support, investment centres and advice from personal bankers. Credit Suisse Personal Finance activities in Spain are headed by the Country Manager Pablo Toja Aguirre.
GVC, managed by María Angeles Vallvé Ribera, generates around 80 per cent of its business in Catalonia, one of the wealthiest regions of Spain. In addition to national and international securities trading, GVC's range of investment products includes mutual funds, collective investment institutions (SIMCAVs) and portfolio management, distributed via a network of financial advisors and the Internet. Clients have access to more than 50 advisors, based in 12 locations throughout Spain, and approximately 100 external advisors work with the company on a contractual basis.
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