MEXICO CITY (Reuters) - Grupo Santander (BME:SAN)'s asset management arm has reached an agreement to buy BNP Paribas (EPA:BNPP)' asset management operation in Mexico, the Spanish bank said on Wednesday.
Santander, which did not disclose the financial details of the purchase, said it would allow the bank to strengthen its institutional investor business, which it said was one of its key long-term strategies.
"Wealth management and insurance is one of the fastest-growing global businesses for the group, and Mexico is one of our main markets," said Victor Matarranz, Santander's global head of wealth management and insurance.
On its website, BNP Paribas lists life cycle, debt and white-label funds for its Mexico asset management business. It does not disclose the assets under management for the country.
Both Santander and BNP Paribas are among the world's largest asset managers.