Banco Santander, the Spanish banking giant, has bought the private banking unit of BNP Paribas in Miami.

Banco Santander, the Spanish banking giant, has bought the private banking unit of BNP Paribas in Miami. 

“BNP Paribas Wealth Management has decided to sell its activity in Miami as part of Wealth Management’s overall strategy to focus on markets where the bank has a retail banking presence or where its Wealth Management platform is more developed. BNP Paribas Wealth Management remains fully committed to the US through its Bank of the West franchise, as part of the Group's plan in the US. Additionally, BNP Paribas Wealth Management remains fully committed to Latin America and other international markets," the bank said an emailed statement. The bank did not state explicitly who was the purchaser; this publication understands that it is Santander.

The purchase price wasn't disclosed. This publication is contact with Santander about the matter and will update, if necessary, in due course.

Santander’s global private banking business had 110.9 billion euros ($153.1 billion) under management and earned 154 million euros for the bank in 2013, according to its annual report. BNP’s Miami unit has about $3 billion in assets, Bloomberg quoted an unnamed source as saying.