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Rafael Nadal transfers assets of company worth 43.6 million euros to Spanish bank Santander

Rafael Nadal at Laver Cup 2019
Rafael Nadal at Laver Cup 2019
Namit Kumar
ANALYST
Modified 18 Aug 2020, 23:35 IST
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Rafael Nadal's varied pursuits outside of tennis have been well-documented. From his foundation to the Rafa Nadal Academy in Mallorca and Kuwait, and to his different business ventures and investments, the Spaniard has kept himself busy when he's not sweating it out on the court.

Recently, it has emerged that the capital investment company owned by Rafael Nadal and his family has shifted its assets to Spanish bank Banco Santander. The latter will now be in charge of handling Nadal's investments.

Rafael Nadal ends 20-year relationship with Spanish bank Sabadell

Rafael Nadal at the 2018 Barcelona Open
Rafael Nadal at the 2018 Barcelona Open

As per Spanish publication Okdiario, Rafael Nadal's company - Growth Inversiones, Sicav, SA - was started by members of his family in 1999. The World No. 2 was just 13 years of age at that time, and ever since then the assets of the company have been handled by Banco Sabadell.

But in December 2019, Banco Santander's chairman Ana Botín announced that Rafael Nadal was becoming the ambassador of the organisation with a "long-term perspective". That effectively ended Nadal's relationship with Sabadell.

Santander will now handle a part of Rafael Nadal's personal wealth as part of the agreement, which was certified in the commercial register this Monday.

At the close of the first half of 2020, the investment company announced assets worth a total valuation of 43.6 million euros. The company, which has existed since the 20th century, has ended a two-decade-long partnership with Sabadell.

Growth Inversiones makes investments majorly in investment funds, fixed income and foreign variable income. 95% of its total assets are invested in areas outside the boundaries of Spain.

With the change of banking partner also comes a change in the board of directors of the company. Rafael Nadal's father Sebastian Nadal has been revoked as the president of Growth Inversiones. Instead, Rocío Aterido Galdón will now be taking over as the president of the company.

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Galdon has extensive experience in governing financial bodies and Sicavs (roughly defined as investment companies with variable capital) in the country of Spain.

These changes come on the back of various moves made by Rafael Nadal outside the world of sports and competition. The Spaniard has recently made an expansion in the Rafa Nadal Academy in Mallorca, and also opened the doors of a unit of his academy in the country of Kuwait.

The Rafa Nadal Foundation, meanwhile, has continued with its extensive work in the development of children across the world. It has also provided COVID-19 relief in various parts of Spain and India.

In addition, Nadal has taken over 1/3rd of the shares of Mabel Capital - an investment firm based in Madrid. His father Sebastian was also recently appointed on the board of directors of the company.

Published 18 Aug 2020, 23:35 IST
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