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Hellman & Friedman nears deal to buy Allfunds Bank - Bloomberg

March 6 (Reuters) - U.S. buyout fund Hellman & Friedman is nearing a deal to buy Madrid-based mutual fund platform Allfunds Bank SA, after beating bids from rival private equity bidders, Bloomberg reported, citing people familiar with the matter.

The deal could be announced as soon as this week and valued Allfunds Bank at about 1.8 billion euros ($1.90 billion), Bloomberg reported on Monday. (http://bloom.bg/2mfntj2)

H&F beat a last-minute counterbid from PE firm Permira, Bloomberg said.

Chinese investment firm Legend Holdings Corp and three groups of private equity funds were putting the finishing touches to rival bids for Allfunds Bank, Reuters reported in February.

Established in 2000 to provide access to so-called open architecture investment funds market, Allfunds has more than 200 billion euros of assets under management.

Santander Asset Management and Intesa Sanpaolo Spa own 50 percent each of Allfunds Bank.

($1 = 0.9454 euros) (Reporting by Arunima Banerjee in Bengaluru; Editing by Shounak Dasgupta)