Spain's Santander sells asset management stake

MADRID Thu May 30, 2013 1:36pm EDT

MADRID May 30 (Reuters) - Spain's biggest bank, Santander , said on Thursday it had reached a deal with Warburg Pincus and General Atlantic LLC to sell them a 50 percent stake in its asset management arm.

Santander said in a statement it would book a 700-million-euro ($914 million) profit from the deal, which valued Santander Asset Management at 2.05 billion euros.

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