Banco Sabadell and Amundi announce a 10 year strategic partnership for the distribution of Amundi products across the Banco Sabadell’s networks in Spain. This agreement aims to boost Banco Sabadell’s fund business. Amundi is the European largest asset manager by assets under management and ranks in the top 10 globally. It manages 1,563 billion euros of assets across six main investment hubs.
This strategic alliance includes the acquisition by Amundi of 100% of Sabadell Asset Management, a leading asset manager in Spain, with €21.8bn of assets under management, of which €16.1bn is in Spanish-domiciled funds. The transaction value, financed via Amundi’s existing cash resources, is €430m.
This agreement reinforces Banco Sabadell’s commitment to increase customer satisfaction rates (one of the bank’s commercial priorities for 2020).
It should be noted that this alliance does not mean any change in investment funds or pension plans. On the contrary, this agreement will allow the bank’s customers to access new investment opportunities and a wider range of products.
Amundi will benefit from Banco Sabadell’s regional presence, through its 1,900 branches, which will become a partner network in Spain.
This transaction will allow Amundi to consolidate its European leadership position and to deploy its unique business-model aimed at serving retail networks.
Sabadell Asset Management and Amundi Iberia will remain two separate legal entities, in order to preserve the operation of investment funds or pension plans of each entity.
Sabadell Asset Management will remain dedicated to Banco Sabadell’s network, and will leverage Amundi’s comprehensive capabilities to better serve its customers.
Amundi Iberia, which manages €21bn, will remain focused on its existing customers. This organization is consistent with Amundi’s model which aims at better serving retail networks