- 100% of the Sabadell management company has been acquired by Amundi for 430 million euros after receiving regulatory authorisation.
- The transaction generates a capital gain of 349 million euros for Sabadell and strengthens its capital position by 43 basis points in the fully-loaded Common Equity Tier 1 (CET1) ratio
- The alliance with Europe’s leading asset management firm reinforces Banco Sabadell’s commitment to continue leading the customer experience indices.
Banco Sabadell has closed its strategic alliance with Amundi to boost the fund business in Spain. The transaction announced in January this year has received the relevant regulatory authorisations, and involves the acquisition by Amundi of 100% of Sabadell’s management company for a total of 430 million euros1.
The final closing of the transaction generates a capital gain for Banco Sabadell of 349 million euros net of taxes, which will strengthen its capital position by 43 basis points in the fully-loaded Common Equity Tier 1 (CET1) ratio.
Sabadell Asset Management2 is one of the leading asset management companies in Spain, with 21 billion3 of assets under management, of which 16.1 billion correspond to funds deposited in Spain.
Launch of Amundi Funds Protect 90
Within this new chapter, Banco Sabadell launches the first Amundi fund, Funds Protect 90, IF. Through this proposal, Banco Sabadell brings Amundi´s experience, capabilities and resources to its product offer for its network. It is a fund that seeks to protect savings and also allows for very flexible investments, in search of profitability.
This fund has 90% of the investment fully guaranteed by Amundi S.A.’s own funds. This means that the participant has limited their losses to 10% of their initial investment.
It should be noted that this alliance does not imply any change in the existing 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, recognised in the international market, thus complementing its current excellent offer of savings and investment products.
This agreement reinforces Banco Sabadell’s commitment to continue leading the customer satisfaction and experience indexes (one of the Bank’s commercial priorities for 2020) .
The General Manager of Sabadell Spain, Carlos Ventura, stated that “through this agreement, we will identify the best investment opportunities for our customers, adding Amundi’s international experience to cover all their needs. Furthermore, this is an example of the real and solid commitment to sustainable investment, and we are sure that it provides the best experience for our customers”.
1 In addition, a profit of up to 30 million euros, payable in 2024, based on the future performance of the business.
2 Except for the assets under management of Urquijo Gestión, which were transferred to Banco Sabadell before the closing of the transaction.
3 Data as of 31 May 2020. Assets under management exclude Urquijo and third party funds.