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Report: Banks commit roughly €630M in debt financing for Allfunds Bank sale

With selected potential buyers advancing to the second round of the sale for Allfunds Bank SA, banks have committed debt financing for the potential sale of the mutual fund platform, Reuters reported Jan. 24, citing "banking sources."

Bank of America Merrill Lynch and Morgan Stanley, which serve as advisers to Allfunds Bank owners Banco Santander SA unit Santander Asset Management and Intesa Sanpaolo SpA, have provided staple financing of roughly €630 million for the potential sale.

Bidders Bain Capital LP and Advent; Hellman & Friedman LLC; China's Legend Holdings and Permira Advisers LLP reportedly made it to the second round of the bidding process after the first bids were submitted Jan. 13.