Spanish bank Abanca has entered into an agreement to acquire 60% stake in Grupo Ahorro Corporación’s AC Gestión.
The transaction, which is subject to approval from Comisión Nacional del Mercado de Valores (CNMV), is expected to close in the coming days.
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Following the acquisition, AC Gestión will operate as Abanca’s asset management arm.
Operating as part of Abanca, AC Gestión management will base its future activity on the principles of customer benefits, sustainable profitability and innovation in product development.
Financial terms of the deal have not been disclosed.
AC Gestión currently offers a range of 66 funds with total AUM of some EUR3bn.
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