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
Google Maps introduced a new feature to share real-time location to a contact for 15 minutes to 3 days. The feature can be turned off at any time by the user. The tech leader believes that the feature will help friends meet up in a large park or a restaurant at a new location. One can open share... Instagram is expected to announce Wednesday that it has one million monthly active advertisers, representing a five-fold increase from a year ago. The photo and video app, owned by Facebook, had 500,000 monthly active advertisers in September 2016 and just 200,000 active advertisers a year ago. Offensive and extremist content appearing along with display ads has been creating headache for Google. There has been strong protests and boycott of ads by major advertisers and this has forced the company to expand their controls. The tech giant said the advertisers will have more say to display...
comments powered by Disqus
Follow RTT