SANTANDER (dpa-AFX) - Spanish lender Banco Santander S.A. (STD, BNC.L, BCDRF.OB) said it has agreed with the buyer, the Chilean group Corpbanca, that the sale of Banco Santander Colombia and its other subsidiaries in that country announced on December 6, 2011, will be carried out in two phases.
The first phase, consisting in the sale of the 51% of the issued shares in Banco Santander Colombia S.A. and Santander Investment Trust Colombia S.A., has been completed today for a total price of $624 million.
It is expected that the second phase of the transaction, consisting in the sale of the rest of the group's shares in the referred subsidiaries and of the other group subsidiaries in Colombia, will be completed by June 30, 2012 once Corpbanca has completed the already started capital increase with which it intends to partially finance the transaction and the corresponding regulatory approvals for this second phase have been obtained.
The deal as a whole generates a capital gain for the Santander Group of approximately 615 million euros, which has been recorded in the first half of 2012 as a consequence of the loss of control in the referred subsidiaries that derives from the closing of the first phase of the transaction.
Copyright RTT News/dpa-AFX
© 2012 AFX News
