Sources familiar with the matter were quoted by Financial Times as saying that the move will enable the bank to shore up the necessary capital to meet stringent European capital rules and expand businesses.
As of March 2013, Santander’s asset-management operation had over €161bn ($211bn) in assets under management (AUM), through a combination of mutual funds, pension funds among other financial products, which operates across 11 nations in Europe and Latin America.
The bank had attempted several times in the recent past to sell the unit, but failed to reach on an agreed price and over controlling issues on the operation.
In 2008, the lender put the business for sale together with an insurance operation before rolling back the process due to financial crisis.
The proposed sale comes at a time, when many global financial organizations have either disposed of their asset management businesses or integrated them with their private banking business.
It is also considered to be part of Santander’s divestment strategy such as a partial spinoff of its Mexican subsidiary, as well as plans to list its US auto finance business, as reported by the news agency.
