Sabadell America

During the year 2014, the Bank continued to pursue its aim of growing its domestic banking operation in the state of Florida through its subsidiary Sabadell United Bank, by developing its associate network, enhancing sales through the branch network, developing alternative sales and services channels, and improving operating efficiency.

In July the acquisition of the Miami-based JGB Bank was brought to completion and the company was merged into Sabadell United Bank and integrated onto its business systems. This completed the Bank's seventh corporate action in Florida within a period of six years, and followed the acquisition of TransAtlantic Bank in 2007, the absorption of BBVA’s private banking business in 2008, the purchase of Mellon United National Bank in 2010, the purchase of assets and liabilities of Lydian Private Bank in 2011 and of the Miami branch of Caja de Ahorros del Mediterráneo in 2012, and the acquisition of the private banking business of Lloyds TSB Bank's Miami branch in 2013.

Another of the year’s milestones was the launch of Sabadell Capital in Mexico — the first small step towards what will become the Group’s banking business in that country as soon as official approval has been obtained. Sabadell Capital is a multi-object financial company (‘SOFOM") which will aim to build a loan portfolio concentrating on the infrastructure, energy and tourism industries.

Banco Sabadell's activities in the US are generating business volumes amounting to over USD 14,400 million in loans, customer deposits and off-balance sheet customer assets; total assets stand at USD 7,500 million, making it Florida's fifth largest local bank by total assets (Sabadell Miami branch and Sabadell United Bank combined). It is one of the few financial institutions in the area with the capability and experience to provide a full range of banking and financial services, ranging from highly complex and sophisticated products for large corporate clients, including project finance, to products for individual customers and an extensive offering of products and services commonly required by business and professional people and by companies of all sizes.

In 2015, the Bank's aim is to continue growing in the region in all areas of its current operations and to introduce additional products and services to bring added value to customers. It plans to obtain a bank charter in Mexico so as to begin operating as a bank there. It is also intended, within the Bank's internationalization plan, to open representative offices in Colombia and Peru to support the Bank’s growing business in those countries.