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Apollo Looks For Insurance & Real Estate Companies in Spain

7/02/2014 – Cinco Dias

Apollo wants to invest in Spain. After buying Altamira from Santander and EVO Banco from Novagalicia, the U.S. fund aspires to purchase an insurance company and a real estate one, apart from credits. (…)

Before the large transactions mentioned above, Apollo bought an affiliate in Spain of Bank of America, MBNA. In September 2012 the fund acquired Citibank consumer credits and in March 2013 it bought FinanMadrid (Bankia´s branch).

Apollo Global Management undertook a threefold strategy, based on its three companies: Altamira, specialized in the real estate property, EVO Banco in credits and the still unknown insurance company. The plan is to reach €6.000 million in 5 years. To fulfill it, Apollo will also need more offices, for example in Galicia. (…).

 

Original article: Cinco Días (Ángeles Gonzalo Alconada)

Translation: AURA REE