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.
https://twitter.com/Amundi_ENG/status/1219697279294152704
This strategic alliance includes the acquisition by Amundi of 100% of Sabadell Asset Management1, a leading asset manager in Spain, with €21.8bn2 of assets under management, of which €16.1bn is in Spanish-domiciled funds.
Banco Sabadell’s retail clients will benefit from Amundi’s wide range of recognized savings and investments products, and a comprehensive set of tools. This agreement reinforces Banco Sabadell’s commitment to increase customer satisfaction rates (one of the bank’s commercial priorities for 2020).
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 oAmundi’s comprehensive capabilities to better serve its customers. Amundi Iberia, which manages €21bn3, will remain focused on its existing customers.
"We are pleased to announce a strategic partnership with Banco Sabadell, a leading bank in Spain. We are convinced that this alliance will benefit Banco Sabadell’s customers and offers a solid potential for development. This partnership is in line with Amundi’s strategy to deploy in Europe its capabilities and resources to serve customers through retail networks. The acquisition of Sabadell Asset Management is for us a new step to reinforce significantly our position in Spain, a major savings market in Europe" comments Yves Perrier, Amundi's CEO.
This transaction is subject to usual regulatory approvals, and is expected to close in the third quarter of 2020.
Source: Amundi