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Banca March acquires €550M assets under management from BNP Paribas

Spanish private bank Banca March SA has acquired a portfolio of €550 million in assets under management from BNP Paribas SA's private banking business, Europa Press reported.

Once the transaction has received all the necessary regulatory approvals, Banca March would integrate the business, known as "Mass Affluent" into Banca March, according to the report.

Banca March had been building up its position in private banking since 2016 and had seen strong growth in 2017 and the first half of 2018, when the number of customers grew by 19% and business grew by 5%, Europa Press noted.