Banco Santander Central Hispano SA
19 November 2002
Santander Central Hispano Refocuses Business in Peru
Madrid, November 14th 2002 - The Santander Central Hispano Group has reached
agreement to sell its retail banking business in Peru to Banco de Credito del
Peru, subject to authorisation from the Peruvian regulatory bodies. The
operation will consist of a public share tender offer by Banco de Credito.
Santander will maintain its banking presence in Peru through more selective
activities that will focus essentially on developing Corporate and SME Banking,
Institutional Banking and Preferential Customer Banking. This will be done
through specialised banking units that give clear added value to these
businesses.
Likewise, the Santander Group will continue to boost its significant pension
plan business in the country through AFP Union Vida, as well as its investment
banking units Santander Investment and Santander S.A.B, Sociedad de Corretaje de
Valores.
AFP Union Vida is Peru's second-largest pension fund manager, with more than
700,000 affiliates, a market share of 28% and assets under management in excess
of US$1,090 million.
At the same time, Santander will maintain its activities in Peru linked to its
Universia portal and Universities Programme, through which it collaborates with
59 Peruvian universities and the National Association of University Chancellors,
covering 390,000 of the country's university students or 97% of the total.
Santander Central Hispano is among the world's leading banks in terms of stock
market capitalisation. It is present in 42 countries with over 9,400 branches,
335 billion euros in assets and 426 billion in managed funds. In Latin America
it is the leader in earnings, with US$1,050 million in net attributable income
in the first nine months of 2002. It has 23 million customers in the region and
4,500 branches, the largest financial distribution network in Latin America.
This information is provided by RNS
The company news service from the London Stock Exchange
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