By Deborah Ball

MILAN-- UniCredit SpA said Wednesday that it has agreed with Spain's Banco Santander SA to terminate an agreement struck last year to merge its asset-management units.

The Italian bank said that due to regulatory problems, it was impossible to find a "workable solution within a reasonable time horizon."

Last year, UniCredit and Santander reached a preliminary agreement to merge its asset-management unit Pioneer with that of the Spanish bank.

In Wednesday's statement, UniCredit said that it may now consider an initial public offering of Pioneer.

Write to Deborah Ball at deborah.ball@wsj.com

(END) Dow Jones Newswires

July 27, 2016 05:08 ET (09:08 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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