CEO Miriam Lopez says TransAtlantic Bank's merger with Spanish bank will open opportunities for her to learn
Banco de Sabadell, the fourth-largest banking group in Spain, announced late last month that it was about to take what it called its first step in implementing its retail knowhow in the United States with the acquisition of TransAtlantic Holding Corp., owner of TransAtlantic Bank, in a $175 million transaction. It operates a branch in Miami, which had $657 million in assets Sept. 30 but was authorized to take deposits from non-US residents and limited types of US corporate deposits only. With the purchase of TransAtlantic, Sabadell will be able to offer full consumer banking services.
Sabadell, based in Barcelona with $86 billion in assets and 1,184 branches around the world, said it would continue operating TransAtlantic from offices serving Miami-Dade markets.
TransAtlantic Bank's chairman and chief executive officer since 2003, Miriam Lopez, is remaining at the helm of the commercial bank founded 23 years ago by Miami developer and entrepreneur Manny Medina. It has assets of $600 million, 133 employees and seven branches throughout the county focusing on loans and mortgages for small and midsize businesses.
Ms. Lopez was featured in a Miami Today profile in 1988 after assuming the TransAtlantic Bank presidency and was revisited earlier this month in an interview with Miami Today international editor Michael Hayes following the Sabadell acquisition announcement.
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