By Pietro Lombardi

BNP Paribas SA (BNP.FR) will take a 22.5% stake in Spain's Allfunds as part of a strategic partnership, the French bank said Monday.

No financial details of the deal, which is expected to be completed by the end of next year, were disclosed.

Under the agreement, the parties will create a fund and "wealthtech" platform, it said. BNP will also transfer some Italian activities and services to Allfunds.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

October 21, 2019 03:22 ET (07:22 GMT)

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