Santander agrees sale of entire Allfunds Bank stake

As bank buys back asset management arm

Jayna Rana
clock • 1 min read

Banco Santander has reached an agreement to sell its holding in Allfunds Bank to two buyers as it buys back a 50% stake in its own asset management arm.

After announcing plans last year to buy back a 50% stake in its asset managemet business from two US buyout funds, Banco Santander has also agreed to sell its entire holding in its B2B platform Allfunds Bank. In November last year, Santander agreed to buy back its stake in Santander Asset Management from Warburg Pincus and General Atlantic.  The bank has now agreed to sell 100% of its stake in the platform to funds associated with leading private equity investor Helman & Friedman and GIC, Singapore's sovereign wealth fund. The Spanish lender estimates it will make approximately €47...

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