Banco Santander SA of Madrid has a deal to buy Banco Real, the former Brazilian asset management arm of ABN Amro Holdings NV, from Fortis NV for roughly $314.3 million in cash.
The deal, announced Wednesday, is expected to close in the second quarter.
Fortis acquired the asset manager in August, when it joined a consortium led by Banco Santander and Royal Bank of Scotland Group PLC that took over ABN Amro.
Last month Fortis gained the Dutch central bank's approval to break up ABN Amro's asset management unit.
Banco Santander has 4,498 offices in Latin America and manages over $300 billion of loans, deposits, mutual funds, pension funds, and managed funds. It said its earnings in Latin America increased 27% last year, to $3.6 billion.
