The number of independent brokerage firms in Barcelona has significantly decreased since the late 1990s, when there were about fifteen. In this context, GVC Gaesco has taken another step by acquiring the family-owned brokerage firm Interbrokers. However, the fund management company associated with Interbrokers, called Gesinter, was not included in the deal. The purchase price has not been disclosed.
GVC Gaesco’s brokerage company is controlled by a holding chaired by Maria Àngels Vallvé and is one of the few remaining independent securities intermediaries in Catalonia. Interbrokers, founded in 1987 by the Torrella family, was a small firm with a lean structure. Three professionals from Interbrokers will join GVC Gaesco following the acquisition.
Since its inception, Interbrokers specialized in arbitrage, an area neglected by the major banks. The firm maintained personalized management with a local portfolio and focused on equity, especially in the Spanish stock market. However, in recent years, brokerage firms have declined considerably both in Spain and Catalonia, pressured by low margins that force them to seek economies of scale to remain profitable.
GVC Gaesco, like Interbrokers, is an independent financial group with over 60 years of history. In 2016, GVC Gaesco Valores merged with Beka Finance —formerly Bankia’s brokerage firm— to create a leading securities company in brokerage, with more than €45 billion intermediated and a market share exceeding 3%.
