StormHarbour concludes acquisition of Ahorro Corporación Financiera, after securing the CNMV’s approval
Madrid, 17th July 2017.- StormHarbour has concluded the acquisition of Ahorro Corporación Financiera, after obtaining approval from the Spanish National Stock Exchange Commission (CNMV) Board. From now on, the shareholders of Ahorro Corporación Financiera are StormHarbour and Atitlán. Stormharbour is an independent global strategic and market advisory company, as well as providing other merchant banking services. Atitlán, on its part, is an investment company. The former savings banks and the rest of financial institutions that have been owners of Ahorro Corporación Financiera up to now have now divested their stakes in the company.
The Chairperson of Ahorro Corporación Financiera is Antonio Fernández, and the new Managing Director is Gonzalo Chocano, who is responsible for StormHarbour in Spain. “We are highly satisfied with the agreement signed with the shareholders present as owners of Ahorro Corporación Financiera. Ahorro is a highly powerful platform that we are now complementing with international synergies of a firm such as StormHarbour, which is able to attract funds from its different seats in London, New York, Hong Kong, Tokyo, Lisbon, Nicosia, Houston, Los Angeles and Dubai”, Gonzalo Chocano has stated.
“The new Ahorro Corporación Financiera arises to support companies, financial entities and, in general, Spanish institutions, in their financial needs, both in the scope of advice, as well as structuring and obtaining funds through debt or capital operations. The fact of having an international presence is highly important to support companies in the development of successful strategies in a global world. Independent firms are already a key factor in diversification of providers of financial services that are so necessary after the experience during the crisis”, added Gonzalo Chocano.
The new Ahorro Corporación Financiera, which preserves the name, aims to relaunch investment banking and financial brokerage services in Spain for companies and financial institutions as an independent (non-banking) firm, to become the leader of the sector.
The goal is also to be a benchmark financial institution for Spanish medium-sized companies in all the Autonomous Communities. The new company shall provide Spanish entrepreneurs the financial services and products they require to grow and expand outside Spain.
In that sense, StormHarbour, which has relations with more than 1,200 institutional investors worldwide, shall provide an international dimension to Ahorro and allow Spanish companies to access these investors and financial structures that have been successful in other places. Since 2009, StormHarbour has carried out debt or equity operations for companies amounting to more € 10 billion and has performed brokerage for more than € 100 billion in credit operations.
Strengthening the best of Ahorro Corporación Financiera
The new Ahorro shall maintain the catalogue of services it offered and reinforce them with StormHarbour. It shall also develop new business according to the needs of the clients. Among the services now provided by Ahorro Corporación Financiera and that it intends to boost, is advice on the purchase and sale of stakes in companies and the search for industrial and/or financial partners.
Moreover, it provides advice on originating and structuring financing in fixed yield issue design (issue of public and private bonds on all kinds of markets, for example, in MARF, to which Ahorro is also a registered advisor), as well as in Stock Exchange floats, capital increases and take overs.
The new Ahorro Corporación Financiera will also strengthen the intermediation services and placement of all kinds of financial instruments that were already being provided, such as variable yield as well as fixed yield, in addition to fixed yield trading operations. Ahorro Corporación Financiera is currently a leader in public debt bond and treasury bond broking, with a share of 27%. Another of the strengths Ahorro Corporación Financiera wishes to boost further is the Market Research Department, which follows the evolution of listed companies and that has a prestigious team of financial analysts, who have won numerous national and international awards.
“Boosting the best of Ahorro and creation of new businesses will allow Ahorro Corporación Financiera to obtain profit in 2018”, Gonzalo Chocano has stated.