MADRID/LONDON April 26 Spain's biggest bank Santander is in exclusive talks with U.S. private equity firms Warburg Pincus and General Atlantic LLC to sell a stake in its asset management business, three people familiar with the discussions said.
Talks over the stake sale in the business, which had 161 billion euros ($210 billion) of assets under management at the end of March, are at an advanced stage, the sources said, although they did not detail when the exclusivity period was due to expire.
They also declined to comment on the exact size or value of the deal. The private equity firms would most likely be minority partners in the unit, as Santander looks to grow the business internationally, one of the people said.
Santander, Warburg Pincus and General Atlantic declined to comment. ($1 = 0.7676 euros)