Banco Sabadell announced that it completed the acquisition of Miami-based Mellon United National Bank (MUNB) after obtaining necessary approvals from the Federal Reserve Bank of Atlanta and the Bank of Spain, Spain’s Central Bank.

The acquisition creates the 6th largest local bank based in Miami in terms of deposits. Sabadell group now manages a total of $6.4 billion dollars of business (investment and funds). Banco Sabadell acquired a total $1,675 million dollars in deposits and $875 million dollars in loans (60% of the loan book) after selecting the assets to be included in the MUNB deal. MUNB has fifteen branches in Miami-Dade, Broward and Palm Beach counties.

“The successful completion of the Mellon United National Bank transaction represents a major step in the growth of our U.S. operations,” stated Fernando Pérez-Hickman, Managing Director, Banco Sabadell America. « We are very pleased with this transaction and especially the quality of professionals that make up MUNB, their loyalty to the bank, and its excellent relationship with their customers. We expect significant benefits for our customers and we are also pleased that our employees will enjoy new opportunities as part of a larger, international financial group.”

This acquisition further confirms Banco Sabadell’s strategy to strengthen its international presence and consolidate its positioning in the U.S. In addition, this transaction demonstrates Banco Sabadell’s clear commitment to the Florida market and confidence in the U.S. financial markets.

The acquisition of Mellon United National Bank, Banco Sabadell's third acquisition in the area, strengthens the strategy that commenced with the acquisition of TransAtlantic Bank in 2007 and continued with that of BBVA's private banking business in Miami in April 2008. The acquisition is a major step towards strengthening Banco Sabadell's operating platform in Florida as part of its international development strategy, at a time when there are attractive opportunities in the US market.