SANTANDER has sold 50% of its securities custody business to a group of investors led by U.S. buyout firm Warburg Pincus for €410 million.

The euro zone’s biggest bank will retain the other 50%.

The bank’s custody holdings – mainly in Spain, Mexico, and Brasil – have been valued at €738 million.

Santander CEO Javier Marín feels confident that the deal will significantly improve the bank’s custody activity.

Also involved in the Santander acquisition is Singapore’s Temasek, one of Warburg Pincus’s newest business partners.