UniCredit deal on Pioneer keeps Santander out of US ops

April 22, 2015 3:34 PM

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April 22 (Reuters) - Italy's UniCredit and Spain's Santander have agreed a deal to merge their asset management businesses that will keep the Spanish bank out of any direct involvement in U.S. operations to address regulatory issues, three sources close to the matter said.

"The agreement for the future of Pioneer has been reached and the official signature is just a matter of days, if not hours, away," one of the sources said on Wednesday.

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