The Miami-based branch of Spain’s Banco Sabadell S.A. announced a sector-shaking merger Wednesday with plans to buy a large rival and absorb the operations of a previously independent affiliate.
In a statement, Sabadell United Bank said it was acquiring the operations of Doral-based JGB Bank. Although the bank did not disclose terms of the transaction, France’s EFE news service said it was worth $56 million. JGB Bank, founded in 1957, is owned by Colombian billionaire Jaime Gilinski, who also happens to be parent Banco Sabadell’s largest shareholder. The transaction consolidates Gilinski’s holdings, the statement noted.
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