Amundi Buys Sabadell's Asset-Management Business for EUR430 Million
January 22 2020 - 1:48AM
Dow Jones News
By Pietro Lombardi
Credit Agricole SA's (ACA.FR) asset manager Amundi has agreed to
buy Banco de Sabadell SA's (SAB.MC) asset-management unit for 430
million euros ($477.1 million) in cash.
The acquisition of the business, which has around EUR22 billion
of assets under management, will strengthen Amundi's position in
Spain and make it the fourth largest player in the country, the
French bank said late Tuesday.
The parties have also reached a 10-year agreement to distribute
asset-management products through the Spanish bank's network in
Spain.
The deal, expected to close in the third quarter, will have a
negative impact of about 10 basis points on the French bank's core
tier 1 ratio.
Sabadell said it would post a EUR351 million capital gain on the
sale, which should boost its core capital by 43 basis points.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
January 22, 2020 01:33 ET (06:33 GMT)
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