Temasek takes stake in Santander custody business
Singapore SWF joins with private equity firm in €490 million deal
Singaporean sovereign wealth fund Temasek has partnered with private equity firm Warburg Pincus to buy 50% of Santander's custody business in Spain, Brazil and Mexico, in a move set to make the Spanish bank "a leader in the custody business", Santander said.
Santander already looks after €738 billion in assets under custody in the three countries. The transaction values the business at €975 million and will generate a net capital gain for the Santander Group of approximately €410 million, which
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