Atlántida Financial Group has been waiting since February 2025 for Banco de España's approval to take majority control of EBN Banco. The operation is practically closed, but the regulator has yet to give the green light.
The entry of Atlántida Financial Group into Spain through the purchase of EBN Banco is one step away from being realised. The agreement, which will grant the Central American conglomerate a majority stake, was signed in February 2025, but still requires the approval of Banco de España. According to industry sources, the regulator has not granted its authorisation nearly a year and a half later, leaving the operation in limbo.
The shareholding movements that paved the way
To facilitate Atlántida's entry, the vice president of EBN Banco, Santiago Fernández Valbuena, increased his stake from 38.26% to 75.56% just before the agreement was signed. This move, recorded in the company's accounts, raised his nominal position from €19.51 million to €38.53 million.
The increase was due to the exit of the heirs of José Gracia Barba, the former president of the entity who passed away in 2022. They sold all their shares to Fernández Valbuena, who will remain in the capital. In fact, his real ownership would be greater through other minority vehicles, leaving only him and Atlántida Financial Group, which already holds nearly 10% of EBN.
2025 results: stabilisation after the record of 2024
EBN Banco closed 2025 with a profit of €8.5 million, compared to €16.8 million the previous year. The decline is explained by the lower interest margin due to the evolution of the Euribor, and because in 2024 the entity recorded an extraordinary income of €5.3 million from the sale of part of its management company to the Atlántida group.
The entity, founded in the 1990s, had to face the crisis in the sector and was sold by its shareholders (Unicaja, Ibercaja, Sabadell, CEIS and Mare Nostrum) between 2013 and 2014. Investors José Gracia Barba and Santiago Fernández Valbuena bought it for around €50 million and began its re-foundation in 2015.
In July 2024, Atlántida took the first step by acquiring 45% of EBN's fund management company, EBN Capital, which allowed it to obtain the 9.95% it now holds in the group. The complete operation would imply taking control of the bank, although the timeline depends on Banco de España.
What does it mean for the Spanish financial sector?
The entry of a Central American group like Atlántida into the Spanish market reinforces the trend of internationalisation in the sector. For EBN Banco, it means access to new capital and a potential expansion into Latin America. The entity's clients and employees will have to wait for the regulator's decision to know the specific changes in management and strategy.
Banco de España has not communicated any deadlines for its decision. Market sources indicate that the operation is complex due to the solvency and governance requirements imposed on new shareholders. Meanwhile, the entity continues to operate normally.
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