Amundi acquires Sabadell Asset Management for €430m

Written by Michael Griffiths

22/01/2020

Amundi has announced a new 10-year strategic partnership with Spanish banking group, Banco Sabadell, that includes the 100% acquisition of Sabadell Asset Management, a leading asset manager in Spain.

Sabadell Asset Management has €21.8bn of assets under management – of which €16.1bn is in Spanish-domiciled funds – and the value of the transaction, financed by Amundi’s existing cash resources, is believed to be €430m.

The new partnership will also allow Amundi to distribute its products across Banco Sabadell’s networks in Spain, while aiming to boost Banco Sabadell’s fund business.

Amundi revealed the transaction would help to consolidate its European leadership position, as well as better deploy its business-model aimed at serving retail networks. Banco Sabadell has more than 1,900 branches in Spain.

Amundi CEO, Yves Perrier, commented: “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.”


Banco Sabadell suggested its retail clients will benefit from Amundi’s range of recognised savings and investments products, as well as a comprehensive set of tools.

Sabadell Asset Management and Amundi Iberia are set to remain as two separate legal entities in order to preserve the operation of investment funds, or pension plans, of each entity.

Sabadell Asset Management will also remain dedicated to Banco Sabadell’s network, and will leverage Amundi’s comprehensive capabilities to better serve its customers.

Sabadell chairman, Josep Oliu, added: “This is a strategic and commercial decision that allows us to leverage the product offering, experience and capabilities of the European leader in asset management.

“This alliance is a great opportunity to enhance and drive the investment & savings business and strengthen Banco Sabadell’s commitment to provide expert advice and excellence in customer service.”

Amundi added that the transaction is subject to the usual regulatory approvals, and is expected to be finalised in the third quarter of 2020.

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