ING giant Santander has confirmed it is in talks to sell a stake in its money management arm Santander Asset Management, which manages about €153bn (£130bn).
The group said it was “exploring the possibility of incorporating investors to its asset management division”. It added: “No agreement has been reached yet for any such investment.”
It follows reports US private equity groups Warburg Pincus and General Atlantic had entered into exclusive talks with Santander about snapping up a stake.
Warburg Pincus declined to comment.