Amundi agreed to acquire a 100% stake in Madrid-based Sabadell Asset Management for €430 million ($478 million) from Spanish bank Banco Sabadell Group, a spokesman said.
The agreement, which includes a 10-year distribution deal, boosts Amundi's assets under management by €21.8 billion and the firm's foothold in Spain's savings market, enhancing its retail client networks.
Under the agreement the bank's customers will gain to access new investment offering and a wider range of global products.
"This partnership is in line with Amundi's strategy to deploy in Europe its capabilities and resources to serve customers through retail networks. The acquisition of Sabadell Asset Management is for us a new step to reinforce significantly our position in Spain, a major savings market in Europe," Amundi CEO Yves Perrier said in a joint news release.
Sabadell Chairman Josep Oliu added in the release: "This is a strategic and commercial decision that allows us to leverage the product offering, experience and capabilities of the European leader in asset management. This alliance is a great opportunity to enhance and drive the investment and savings business."
The deal, which is set to close in the third quarter, is subject to regulatory approvals. Following its completion, Madrid-based Sabadell Asset Management will remain a separate legal entity.
