SPAIN - Santander Central Hispano has acquired part of Citibank's Spanish fund management operations for an undisclosed amount.
Under the terms of the agreement, Santander will take over part of Citibank’s Spanish mutual and pension fund operations, operations which have a combined EUR987m in assets under management. As part of the deal, Citibank will market Santander’s retail mutual and pension fund products through its consumer bank network.
Citibank - despite the sale of part of its pensions and mutual fund business - claims that it is still committed to the Spanish market. As evidence, it highlights the fact that Citigroup Asset management will retain and focus its activities on the global funds available to Spanish clients. These funds, which total EUR11.9bn, are domiciled in Luxembourg.
Additionally, the deal - which is subject to regulatory approval - stipulates that Santander will take over as custodian to the Citibank Spanish mutual and pension fund assets.
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