Santander To Sell Colombian Units To CorpBanca For $1.2B

Law360, New York (December 7, 2011, 1:44 PM EST) -- Grupo Financiero Santander SAB de CV has reached a deal to sell its Colombian businesses, including Banco Santander Colombia, to Chile's CorpBanca for €910 million ($1.225 billion), the Mexico-based investment company announced Wednesday.

The deal is expected to generate capital gains of €615 million that Grupo Santander plans to use to strengthen its balance sheet, it said.

While the company normally can claim 10 percent of the banking market share in a given country, Banco Santander Colombia's market share is just 2.7 percent in lending and...
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