Santander sells custody business stake to Warburg Pincus-led group

MADRID Thu Jun 19, 2014 4:57am EDT

A Santander logo is seen at a branch of Spain's largest bank in Warsaw May 23, 2012.  REUTERS/Kacper Pempel

A Santander logo is seen at a branch of Spain's largest bank in Warsaw May 23, 2012.

Credit: Reuters/Kacper Pempel

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MADRID (Reuters) - The euro zone's biggest bank Santander said on Thursday it had agreed to sell a 50 percent stake in its securities custody business to a holding led by U.S. buyout firm Warburg Pincus.

In a regulatory filing, Santander said it would book a 410-million-euro ($556.45 million) net capital gain on the sale of the business, valued at 975 million euros. It will retain a 50 percent stake.

Singapore's Temasek is also part of the group that will become a new partner of Santander in the business.

(Reporting by Tracy Rucinski; editing by Jason Neely)

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