Mutua buys 47% of Orienta Capital to grow in private banking and assets

Mutua Group, which includes insurance businesses such as Mutua Madrileña's automobile business or 50% of SegurCaixa Adeslas' health insurance business, has acquired 47% of the firm specialized in private banking and wealth Orienta Capital, which manages assets for nearly 2.

Oliver Thansan
Oliver Thansan
03 April 2024 Wednesday 16:28
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Mutua buys 47% of Orienta Capital to grow in private banking and assets

Mutua Group, which includes insurance businesses such as Mutua Madrileña's automobile business or 50% of SegurCaixa Adeslas' health insurance business, has acquired 47% of the firm specialized in private banking and wealth Orienta Capital, which manages assets for nearly 2.5 billion of euros.

With this operation, Mutua exercises a purchase option to which it had the right until the end of this year and increases its participation to 87.1%. The movement is also a declaration of intent for a group that has just presented a new strategic plan and is looking for ways to make profitable through investment the income it obtains from its mutual members and affiliates.

At the end of 2020, it acquired 40% of Orienta Capital, and it will now be when it definitively takes control. The investment firm has offices in Madrid, Bilbao and San Sebastián, and is growing at a double-digit rate.

For the group, the purchase represents progress in its diversification strategy. It will increase its assets under management by 12%, up to 20.8 billion euros, at a time when interest rate increases have increased the performance of this part of its portfolio. It already has control of Mutuáculos, Alantra Wealth Management, EDM and, from now on, Orienta Capital.

Orienta Capital has 20 years of history, has more than 2,500 clients and 62 employees, of which 29 are bankers and advisors. After the operation, it will remodel its board of directors, which will have six members, two of them from Orienta Capital, who are Emilio Soroa and Borja García Viso, and another four from Mutua, who will be Tristán Pasqual del Pobil, Rodrigo Achirica, Luis Ussia and Ernesto Mestre.

In its new three-year plan, Mutua aims to increase profits by 16%, to 550 million euros annually, and revenues by 20%, to 9.6 billion euros. To do this, it trusts in its potential to attract new automobile insurance clients in Catalonia and grow in health insurance clients through SegurCaixa Adeslas.