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Spain's Popular mulls Allianz unit sale

Source: Reuters - Thu 17th Feb 2011

Spain's Banco Popular is in advanced talks to sell 60% of its asset management unit to German insurer Allianz, website El Confidencial reported, citing sources close to the talks.

No one at Popular or at Allianz was immediately available to comment.

Such a sale would help shore up the bank as the end of a property bubble takes its toll on capital in the sector.

The unit, Popular Gestion, manages 10.7 billion euros in funds, and as a whole could be worth between 200 million and 500 million euros, the report said.

Allianz has a stake of about 9% in Popular, and the two partners have several jointly owned asset-management businesses.

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