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Oddo-BHF allies itself with BBVA in the stock business

D.he Franco-German banking group Oddo-BHF has entered into a strategic partnership with the major Spanish bank BBVA in the equity business. As both partners announced on Wednesday, Oddo-BHF will in future also offer analyzes and trading for shares in Iberian corporate customers of BBVA and thus improve their access to investors on the capital market. In return, BBVA hopes that more corporate customers will mandate the bank for lucrative IPOs and capital increases. Oddo-BHF recently entered into a similar partnership with the Dutch bank ABN Amro for the Benelux to make better use of equity analyzes. A few months ago, the Frankfurt bank Metzler also entered into a cooperation with the major French bank Crédit Agricole in order to better utilize its research.

BHF-Bank meanwhile profitable

The family business Oddo-BHF, run by the fifth generation of banker Philippe Oddo, paid 725 million euros in 2016 for the then deficit Frankfurt BHF-Bank. “I also consider further engagements in Germany to be possible,” said the Frenchman in the International Club of Frankfurt Business Journalists. But it was a lot of work to create the sustainable turnaround in the BHF. In 2019, the German Oddo-BHF achieved a profit before taxes of 9.5 million euros. Even in the current year, Oddo expects a positive result despite Corona – since business with wealthy private customers went better in the first half of the year than ever before in the past four years and the lending business has so far not required any individual value adjustments.

However, before joining BHF-Bank in Germany, Oddo had already bought the Düsseldorf fund company Meriten and the Frankfurt securities trading bank Seydler. Oddo wanted to part with Seydler again, but the agreed sale to the investment company Obotritia of the former TAG real estate boss Rolf Elgeti failed in June. “We haven’t made a decision yet,” said Oddo when asked how things are going. Check whether to keep Seydler or to part with the broker. It is certain that Seydler will not merge with Oddo-BHF.

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