Santander Agrees to Sell TotalBank to BCI for $528 Million
December 01 2017 - 5:32AM
Dow Jones News
By Nathan Allen
Spain's Banco Santander SA (SAN.MC) said on Friday that its
wholly-owned subsidiary Banco Popular Espanol SA has agreed to sell
TotalBank to Chile's Banco de Credito e Inversiones (BCI.SN) for
$528 million.
TotalBank is a Florida-based retail and commercial bank with a
total of 18 branches and about $3.1 billion in assets that has been
fully owned by Banco Popular since 2007.
"While TotalBank is an excellent franchise, it is not a natural
fit with our existing U.S. business," said Santander's executive
chairman, Ana Botin.
Santander said the sale will contribute five basis points to its
core equity tier-one capital ratio and 60 basis points to Banco
Popular's CET1 ratio.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
December 01, 2017 05:17 ET (10:17 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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