Spain's Sabadell sells asset management unit to Amundi for 430 mln euros

Reuters
Updated

MADRID, Jan 21 (Reuters) - Spain's Banco de Sabadell said on Tuesday it had agreed to sell its asset management arm to Amundi Asset Management for 430 million euros ($476.83 million).

The sale, which is set to close in the third quarter of 2020, will generate net capital gains of 351 million euros for Sabadell and boost its common equity tier 1 ratio (CET-1) by 43 basis points, the bank said.

The unit has assets under management of around 21.8 billion euros, excluding third-party funds, the bank said.

($1 = 0.9018 euros) (Reporting by Nathan Allen; editing by Jesús Aguado)