Banco Santander, UniCredit Seeks Talks On Pioneer Merger

(RTTNews) - Spanish commercial bank Banco Santander, S.A. (SAN, BNC.L), along with its partners Warburg Pincus and General Atlantic, is exploring a potential integration of its asset management unit, Santander Asset Management, with Pioneer Global Asset Management, an unit of Italian banking giant UniCredit SpA (UCG, UNCFF.PK), though at this time no agreement has been signed as to the potential structure or the terms of that possible transaction.

Santander Asset Management is jointly controlled by Santander, on the one hand, and Warburg Pincus and General Atlantic, on the other hand, to which the Santander Group transferred its major assets management companies in 2013.

Santander would inform the market provided it reaches an agreement in the future to implement such transaction.