Abanca sells 62% stake in Imantia Capital

Spanish bank Abanca has sold 61.7% stake in asset manager Imantia Capital for an undisclosed sum.

The buyer is Miurex Inversiones Hispania, a firm with a sole administrator, Pedro López, Spanish media reported.

López had previously worked for EY and Banesco Holding — current owner of Abanca. He has also been the director of several companies engaged with capital markets.

In May 2015, Abanca bought 78.4% stake in Ahorro Corporación, which was rebranded as Imantia Capital five moths later. As it had already 13.2% in the Spanish asset manager, Abanca’s stake increased to 91.7% last year.

The acquisition was made to expand Abanca’s banking business, although the bank said afterwards it intended to sell a stake in Imantia.

“Abanca explained […] his goal was to dilute its stake below 50%, and it said it would give entry to new shareholders to guarantee customers the maximum independence in management,” sources from Abanca said.

Following the sale, Abanca holds 30% stake in Imantia.

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