logo
Share SHARE
FONT-SIZE Plus   Neg

Warburg Pincus-led Group To Buy 50% Stake In Santander's Custody Business

Grupo Financiero Santander Mexico, S.A.B. de C.V. (BSMX) announced that its parent company, Banco Santander, S.A. has entered into a definitive agreement with FINESP Holdings II B.V, an affiliate of Warburg Pincus, a private equity firm focused on growth investing, to create a leader in the custody business.

As per the terms of the agreement, which is conditional upon legal and regulatory approvals, the group which will also include Temasek, a Singapore based investment company, will acquire a 50% stake in Santander's current custody operations in Spain, Mexico and Brazil. The remaining 50% will be owned by Santander. The transaction is expected to close in the fourth quarter of 2014.

The transaction values Santander's custody operations in these countries at 975 million euros and will generate a net capital gain for the Santander Group of about 410 million euros, which will be used to strengthen the balance sheet.

Santander is a custody provider in Spain, Brazil and Mexico, with 738 billion euros in assets under custody.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
They say there's plenty of fish in the sea, but very few of them are as wealthy as these tycoons. May be they have been so busy building their empires they never had the time to stick with a perfect partner to build their family. This list of the richest singles is assorted — from a 34 year-old... Anthony Levandowski, the head of Uber's self-driving division, is stepping away from his role as Uber continues a legal battle with Waymo, Levandowski's former employer. Levandowski, who founded startup Otto, became head of Uber's Advanced Technologies Group or ATG after Otto was acquired by Uber in August 2016. Southwest Airlines Co. has decided to end the practice of overbooking flights, the airline's CEO Gary Kelly said Thursday. The airline's plan to end overbooking could be implemented from May 8, according to a Southwest spokeswoman.
comments powered by Disqus
Follow RTT