Santander buys back asset management business
Santander has agreed to buy back its asset management business from private equity groups.
The Madrid-based bank said it would regain 100% ownership of Santander Asset Management for an undisclosed sum.
The unit caters to private and institutional investors and operates in 11 countries across Europe and Latin America.
It has close to €170bn ($181bn) of assets under management, generating over €1bn of annual fee income.
Warburg Pincus and General Atlantic acquired 50% of the business in 2013.
Meanwhile, reports suggest Santander and the two buyout firms are considering the sale of its 50% stake in Allfunds Bank.
Italy’s Intesa Sanpaolo SpA, which owns the rest, is also exploring a sale.
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