Spain's Sabadell sells asset management unit to Amundi for 430 mln euros

Spain's Banco de Sabadell said on Tuesday it had agreed to sell its asset management arm to Amundi Asset Management for 430 million euros ($476.83 million). The sale, which is set to close in the third quarter of 2020, will generate net capital gains of 351 million euros for Sabadell and boost its common equity tier 1 ratio (CET-1) by 43 basis points, the bank said.

The unit has assets under management of around 21.8 billion euros, excluding third-party funds, the bank said. ($1 = 0.9018 euros)