On November 16, 2016, Banco Santander announced that it would buy back the stakes in its asset management unit not already owned by it.
Banco Santander (“Santander”) agreed with Warburg Pincus and General Atlantic that Santander would buy back 50% of its asset management unit. After the deal, Santander will have full control over the asset management unit. Further terms of the deal were not disclosed.
Santander also announced that it is considering selling its stake in its mutual platform, Allfunds Bank (“Allfunds”). Santander and Intesa Sanpoalo, Italy’s biggest retail bank, each own 50% of Allfunds.
Santander is the euro-zone’s second largest lender by market value.
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