Italy’s UniCredit and Spain’s Banco Santander have reached preliminary agreement on a deal to merge their asset management units.
The deal will create a holding company with an enterprise value of around €5.5 billion, with €400 billion in assets under management.
Unicredit’s assets include Pioneer Investments in the USA, but Santander will not be taking any interest there to avoid possible intervention by US regulators, whose stress tests Santander failed in 2014. Regulators are unlikely to support further growth by Santander in America until the bank is healthier.
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