Santander purchases from Fortis
ABN AMRO's asset management
activities in Brazil
Madrid, February 27th, 2008 - Fortis and Santander today announced that they have reached an agreement by which Santander will purchase from Fortis the Brazilian asset management activities of ABN AMRO, which Fortis acquired as part of the Consortium’s (RBS, Fortis and Santander) purchase of ABN AMRO. Fortis will retain the Latin American (ex-Brazil) institutional sales and some equity investment teams related to funds distributed through ABN/Fortis channels.
Joan David Grimá, Head of Santander Asset Management said, “After a thorough analysis, we concluded that, given their local character and distribution through the local retail network of Banco Real from a customer perspective these activities were more appropriately aligned to Banco Real, which will become part of Santander.
Richard Wohanka, CEO of Fortis Investments, comments: “We are delighted that we could reach that agreement with Santander, as it enables both parties to continue to serve our customers with the best in class, tailor-made products and services. Fortis Investments continue to manage and develop the Latin American institutional sales business (ex-Brazil) as well as certain Latin American Equities investment teams, given their international reach.”
This transaction, which amounts to approximately EUR 209 million, should be finalised in the second quarter of 2008, subject to customary closing conditions and regulatory approvals.
Fortis recently received an agreement from the Dutch Regulatory authorities to move forward with the integration of ABN AMRO’s asset management with Fortis Investments.
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