Swiss bank Mirabaud has agreed to buy a minority stake at Spanish firm Venture Finanzas, Fundspeople reports today. The total amount of the deal has not been disclosed and the deal is still pending an approval from Spanish regulator CNMV.

Mirabaud's partial buyout of Venture Finanzas is the first step for the Swiss bank in its development of business with Spanish domestic private and institutional clients, brokerage and corporate finance services and product distribution for the next 5 years.

Mirabaud also aims to gain a majority stake in Venture by mid-2010 and at that point re-brand Venture’s funds, products and services under Mirabaud name. If the plans from the Swiss bank are realised, Venture's flagship fund Venture Bolsa Española, run by formerly AA-rated Antonio Hormigos (pictured above) is likely to change its name.

Mirabaud is not the first Swiss bank seeking to expand its private banking business in Spain. In July 2009, Syz & Co bought 50% of Madrid asset management N+1. EFG International owns a 72% stake of A&G and first entered Spain in December 2007. However, UBS remains the leading foreign private bank in Spain, dwarfing most of the local players.

Barcelona-based Venture Finanzas enjoys a good reputation in Spain as brokerage and equity analysis firm. However, it is also an important third party distributor and its asset management arm Venture Gestión runs €96 million in seven equity, mixed asset and fixed income funds, according to the latest data from Spanish fund association Inverco.