Banco Santander is eyeing a sale or listing of its Allfunds platform.
Allfunds, which has more than €200bn (£172bn) in assets under management, is currently jointly owned by Santander and Italy’s biggest retail bank Intesa Sanpaolo in a half and half deal.
According to Reuters, buyout funds expressing an interest in a potential takeover of Allfunds include a consortium of Bain Capital and Advent.
Intesa Sanpaolo has confirmed is has “entered a process aimed at the possible sale of its stake in Allfunds Bank.”
Santander has also agreed to buy back the 50 per cent stake in its asset management business that is currently owned by private equity funds.
The asset management deal will give the Spanish bank full control of a division with €170bn (£146bn) in assets under management with operations in 11 European and Latin American countries.
US buyout firms Warburg Pincus and General Atlantic decided to sell their stakes after talks to merge the asset management divisions of Santander and Italian bank Unicredit fell through, a source told Reuters.