BBVA to Buy SocGen’s 50% Stake in Altura Markets

BBVA has reached an agreement to acquire Société Générale’s 50% stake in brokerage joint venture Altura Markets, which would make BBVA the firm’s sole shareholder once regulatory approvals are complete. Société Générale will continue to provide technology services and access to clearing houses under a renewed commercial arrangement.

Under the terms of the deal BBVA will fold Altura Markets into the BBVA Group to expand its Markets Services business and consolidate an execution and clearing platform for institutional clients. Altura was created as a partnership between BBVA and Société Générale and has provided brokerage for listed futures and options in Spain and Portugal since its launch.

BBVA expects the integration to offer clients a more unified service and improved connections to trading venues and clearing houses through a single platform. The bank says the combined setup should support more efficient capital and liquidity management for institutional trading flows.

Antonio Ordás, Head of Global Markets at BBVA, commented that clients increasingly demand integrated, efficient and global solutions and that the deal will consolidate BBVA’s Markets Services platform to better support execution and clearing needs.

Société Générale will keep a commercial and operational relationship with BBVA after closing. Hatem Mustapha, Head of Global Markets at Société Générale, noted the bank will continue to provide technology services and clearing access to ensure continuity of service for Altura’s clients over the coming years.

Regulatory clearances are required before the 50% stake transfers. Once approvals are obtained, BBVA will assume full ownership and integrate Altura into its market infrastructure, aiming to strengthen execution and clearing capabilities for institutional client flows in the Iberian markets and beyond.

Altura Markets was set up as a joint venture between BBVA and Société Générale to offer brokerage services in listed futures and options in Spain and Portugal and has grown to a leading local position in those markets. The agreement changes the firm’s ownership while keeping operational links to Société Générale for technology and clearing connectivity.