Amundi has also entered into a 10-year strategic partnership with Banco Sabadell to distribute asset management products in Spain
French asset management company Amundi has entered into an agreement with Banco Sabadell to acquire 100% stake in Sabadell Asset Management for €430m.
The two companies have also agreed to form a 10-year partnership under which Amundi will sell its asset management products on Banco Sabadell’s network in Spain.
The acquisition of the Banco Sabadell subsidiary could strengthen Amundi’s position as a major asset managing company in Europe. With €22bn in assets under management, Sabadell Asset Management is one of the leading players in the Spanish market and has 6% of market share.
Subject to regulatory approvals, the deal is expected to close in the third quarter of this year.
Amundi CEO Yves Perrier: “We are pleased to announce a strategic partnership with Banco Sabadell, a leading bank in Spain. We are convinced that this alliance will benefit Banco Sabadell’s customers and offers a solid potential for development.
“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 has €21bn in asset under management in Spain
Amundi claims to hold €21bn in asset under management in Spain. With the deal, the combined company is expected to become the fourth largest player in the market.
The combination of Banco Sabadell’s strong regional presence with 1,900 branches in Spain and Amundi’sfull range of products and savings solutions, is expected to provide significant opportunities a significant for development in the country for the two companies.
Banco Sabadell chairman Josep Oliu said: “This is a strategic and commercial decision that allows us to leverage the product offering, experience and capabilities of the European leader in asset management.
“This alliance is a great opportunity to enhance and drive the investment & savings business and strengthen Banco Sabadell’s commitment to provide expert advice and excellence in customer service.”
Sabadell noted that the partnership does not mean any changes in investment funds or pension plans. On the other hand, the agreement with help its customers access new investment opportunities and a wide range of products.