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.

Alicia Villegas
Alicia Villegas speaks Spanish and Italian and is Iberia Correspondent for InvestmentEurope. She was shortlisted for the Rising Star Award at the British Media Awards 2017 and Writer of the Year at the PPA Independent Publisher Awards 2016. Previously, she worked for almost three years at the seafood business website Undercurrent News as a market reporter. In Spain, she also worked for more than five years for several media outlets.

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