Sept 24 (Reuters) – Spain’s largest bank Santander confirmed on Wednesday it was studying a potential merger of itsfund management business with that of Italy’s Unicredit SpA, though gave no further details on the deal.
UniCredit CEO Federico Ghizzoni told reporters on Tuesdaythat the proposal was to combine Santander Asset Management withUniCredit (Milan: UCG.MI – news) ‘s Pioneer unit, with each bank owning about a third ofthe new company.
Private equity funds Warburg Pincus and General Atlantic,already partners in Santander Asset Management, would togethertake the remaining third, before exiting the venture in a fewyears when it would likely be listed on the stock market,Ghizzoni said.
“At this time no agreement has been reached as to thepotential structure or the terms of that possible transaction…Santander will inform the market if and when it reaches anagreement in the future to implement such a transaction,” thebank said in a statement to the Spanish market regulator. (Reporting by Banglore Newsroom; writing by Paul Day; editingby Jason Neely)
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