Sabadell sells its investment fund manager to Amundi for 430 million euros


Madrid

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Sabadell has closed a new corporate operation with which it will strengthen its solvency levels. The entity chaired by José Oliu has sold Amundi 100% of its asset manager, Sabadell Asset Management, for 430 million euros. The transaction also includes an agreement for the next ten years between the two entities for the distribution of the French manager's products in the offices of the Spanish bank.

The Catalan banking group had been looking for a financial and industrial partner for the investment fund business for months, in which it operates through Sabadell Asset Management, which accumulates assets under management for some 21.8 billion euros and generates an annual profit of about 34 million Amundi, the first asset manager in Europe, will buy 100% of the social capital of the Sabadell manager for those 430 million, although the agreement foresees up to 30 million more to be paid in 2024 if in that year the manager generates a certain business through The signed distribution alliance.

Amundi, present in Spain since 2002 through its subsidiary Amundi Iberia, with assets under management for 21,000 million, will sell its investment products in more than 1,900 Sabadell offices for at least the next ten years. In any case, Sabadell Asset Management and Amundi Iberia will continue to be two independent entities, in order to preserve the current operation of the investment funds or pension plans of each entity, so that Sabadell Asset Management will continue to be dedicated to the bank's network.

However, the operation is important for Sabadell because the capital gains that will be obtained from the sale of the management company, 351 million, will allow the bank to increase its maximum quality capital level by 0.43 percentage points and exceed the next 12% demanding the market. Of that surplus value, 293 million equivalent to 36 basic capital points will be recognized at the close of the operation, scheduled for the third quarter of the year, while the calculation of the remaining 58 million (7 basic capital points) are subject to certain guarantees. valid throughout the period of the distribution agreement, so they will be recognized proportionally over the next 10 years.

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