Cash-Hungry Santander Sells Colombia Unit

Dec 7, 2011

Chile’s CorpBanca has agreed to acquire nearly all of Santander’s Colombia unit, in a deal valued at $1.225 billion plus interest. The move marks a substantial sale for the Spanish bank which has been selling assets in LatAm in an effort to bolster the parent’s balance sheet. CorpBanca will acquire a 95% stake for $1.155bn, financed with its own cash and a $450m capital increase from its holding company, the Saieh Group’s CorpGroup Interhold. CorpGroup Interhold also plans to purchase at least an additional 2.85% stake from the remaining 5%....

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management