Banco Santander SA sells 85 pct of Altamira Asset Management to Altamira Asset Management Holdings

Friday, 3 Jan 2014 11:44am EST 

Banco Santander SA:Announces the sale to Altamira Asset Management Holdings SL, a company participated by Apollo European Principal Finance Fund II, of 85 pct of the share capital of Altamira Asset Management SL.Says Altamira is engaged in the recovery of contentious stage loans in Spain and the sale or rental of foreclosed real estate assets originating from such activity.Says the sale amounts to 664 million euros.Says the transaction generates a gross capital gain of 550 million euros (385 million euros after tax). 

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