Santander Unloads Half Of $2.7B Asset Management Unit

Law360, New York (May 30, 2013, 8:09 PM EDT) -- Banco Santander SA has agreed to sell half of its asset management unit to private equity firms Warburg Pincus LLC and General Atlantic LLC in a deal valuing the unit at €2.05 billion ($2.67 billion), the firms said Thursday.

The agreement, which would bring in a net capital gain of €700 million to the Spanish bank, is expected to be completed by the end of 2013, according to a statement by the firms, which did not disclose the exact details of the size of the deal....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.