26.06.2014 - Temasek takes stake in Santander custody business
Singaporean SWF joins with private equity firm Warburg Pincus to buy half of Santander's custody business - giving the Spanish bank's balance sheet a welcome boost. Singaporean sovereign wealth fund Temasek has partnered with private equity firm Warburg Pincus to buy 50% of Santander's custody business in Spain, Brazil and Mexico, in a move set to make the Spanish bank "a leader in the custody business", Santander said. Santander already looks after 738 billion in assets under custody in the three countries. The transaction values the business at 975 million and will generate a net capital gain for the Santander Group of approximately 410 million, which will be used to strengthen the balance sheet, the bank said...............................................Full Article: Source
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