(Alt Assets) US buyout house Warburg Pincus is reportedly among a group of buyers ready to buy a 50 per cent stake in European banking giant Santander’s securities custody business worth up to €1b.

Santander is poised to sell the stake in the Spanish, Mexican and Brazilian parts of the division according to Reuters, which cited the Expansion newspaper.

Warburg and fellow private equity firm General Atlantic bought half of Santander’s asset management unit last year.

The firm managed to raise one of the largest private equity funds since the financial crisis last year after receiving strong support from existing LPs attracted by Warburg’s track record and flexible strategy.

Warburg Pincus Private Equity XI held a final close of $11.2b after hitting its first close of over $5bn in May 2012.

The fund was raised after less than two years on the road despite the tough fundraising environment.