Madrid-based Banco Inversis SA completed the absorption of Bancoval Securities Services SA, Europa Press reported May 26.
Bancoval will cease to exist as a legal entity through a dissolution without liquidation, the newswire reported. All rights and obligations of the former Royal Bank of Canada unit will be transferred to Banco Inversis.
The boards of Banco Inversis and Bancoval had decided on the merger by absorption at the end of January. Shareholders of both banks approved the operation Feb. 1.
The operation will raise Banco Inversis' assets under management to more than €90 billion, according to the report. Banco Inversis will serve as RBC I&TS' local subcustodian in Spain for its custody business.
Banco Inversis is a wholly owned unit of Banca March SA.