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Laxman Pai, Opalesque Asia: French asset manager Amundi has agreed to purchase 100% of Sabadell Asset Management, the asset management arm of Spanish lender Banco de Sabadell, for €430m ($476m).
According to a joint press release from the companies, the sale, which is set to close in the third quarter of 2020, will generate net capital gains of 351 million euros for Sabadell and boost its common equity tier 1 ratio (CET-1) by 43 basis points.
The unit has assets under management of around 21.8 billion euros, excluding third-party funds.
The deal will be financed through the existing cash of the French asset management company, the statement added.
"This partnership is in line with Amundi's strategy to deploy in Europe its capabilities and resources to serve customers through retail networks. The acquisition of Sabadell Asset Management is for us a new step to reinforce significantly our position in Spain, a major savings market in Europe," Amundi CEO Yves Perrier said.
Banco Sabadell and Paris-based asset manager have also announced a 10-year strategic partnership for the distribution of Amundi savings and investment products across Banco Sabadell's network of 1,900 branches across Spain.
Amundi, Europe's biggest asset manager, has been present in Spain since 2002 through its Amundi Iberia subsidiary.
Sabadell Chairman Josep Oliu said: "This is a strategic and commercial decision that allows us to leverage the product offering, experience and capab...................... To view our full article Click here
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