Sale of Colombian unit to Chilean group Corpbanca

RNS Number : 4878T

Banco Santander S.A.

06 December 2011

 

MATERIAL FACT

Santander Group reports that it has reached an agreement with the Chilean group Corpbanca for the sale of Banco Santander Colombia and its other subsidiaries in that country.

The transaction values the Colombian operations of the Group (which in 2010 contributed 54 million dollars to the Group's profits and is not a core market for the Group) in 1,225 million dollars and will generate for the Santander Group a capital gain of approximately 615 million euros, which will be fully allocated to reinforce the Group's balance sheet.

Banco Santander Colombia is a company whose shares are listed in the Colombian Stock Exchange and has a free float of approximately 2.15% of its share capital.

The transaction is subject to obtaining the relevant regulatory approvals and to the delisting of the shares of Banco Santander Colombia. The transaction is expected to be completed within the semester of 2012.

Boadilla del Monte (Madrid), 6 December 2011

 

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