Warburg picks up 50% of Santander custody business

The deal will generate a net capital gain of €410m for Santander, which will retain the remaining 50% stake in the business.

Following the deal, the fresh capital will be used to develop the business's technology platform and expand the team.

Warburg Pincus, alongside General Atlantic, acquired a 50% stake in Santander Asset Management in May last year for €700m.

Company
Santander's custody business, valued at €975m and with €738bn in assets under management, operates in Spain, Mexico and Brazil.

Banking custody services hold customer's securities in order to minimise risk from theft or loss. Assets are held electronically or in physical form.

People
Javier Marin is CEO of Banco Santander. Daniel Ziberman is managing director of Warburg Pincus and head of its European financial services group.

Advisers
Equity - Cleary Gottlieb, Simon Jay, Richard Watkins, Maxim Frolov, Shreya Lal Damodaran, Sebastian Villaveces (Legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Southern Europe
• Buyouts
• Financials
• Warburg Pincus
• Santander
• General Atlantic
• Spain