January 14, 2020 / 6:27 PM / a month ago

Spain's Sabadell sells asset management unit to Amundi for 430 mln euros

MADRID, Jan 21 (Reuters) - Spain’s Banco de Sabadell said on Tuesday it had agreed to sell its asset management arm to Amundi Asset Management for 430 million euros ($476.83 million).

The sale, which is set to close in the third quarter of 2020, will generate net capital gains of 351 million euros for Sabadell and boost its common equity tier 1 ratio (CET-1) by 43 basis points, the bank said.

The unit has assets under management of around 21.8 billion euros, excluding third-party funds, the bank said.

$1 = 0.9018 euros Reporting by Nathan Allen; editing by Jesús Aguado

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