Amundi has acquired the asset management business of Banco Sabadell in a deal worth €430 million.
The French fund manager – Europe’s largest with over €1.5 trillion of assets – will also see its products distributed through Banco Sabadell’s network in Spain, as part of a ten-year strategic partnership.
Amundi’s chief executive, Yves Perrier, said: “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.”
Sabadell Asset Management, whose operational headquarters are in Barcelona, has €21.8 billion of assets under management, of which over €16 billion are domiciled in the Iberian country.
This partnership, a further step in Amundi’s ongoing growth strategy in Spain, will allow the bank’s customers to access “new investment opportunities” and a wider range of products, according to both companies.
Amundi funds will now be available across the Spanish bank’s 1,900 branches.
Perrier added: “We are convinced that this alliance will benefit Banco Sabadell’s customers and offers a solid potential for development.”
Sabadell’s 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.”
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