MILAN (Reuters) – The Italian bank UniCredit announced Thursday a preliminary agreement with the Spanish Santander to merge their asset management units and create an entity that will manage 400,000 million euros (432,000 million) in assets.
The transaction, subject to regulatory and approval boards, raise the capital ratio by 25 basis points Unicredit said the Italian lender.
The agreement confirms a report published Wednesday by Reuters based sources.
In September 2014, the two banks said they were analyzing the merger of Santander Asset Management and UniCredit Pioneer unit.
In a statement Thursday, Italy’s biggest bank by assets said the deal valued Pioneer in 2,750 million euros and Santander Asset Management at 2,600 million euros.
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