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The Popular sells its subsidiary Totalbank for 444 million euros

The operation sheds some capital gains on the financial group of 170 million

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The Popular sells its subsidiary Totalbank for 444 million euros

Banco Popular, a subsidiary of Grupo Santander, announced this Friday sale of entire capital of its subsidiary Totalbank, its subsidiary in United States, for a price of 528 million dollars (some 444millones euros) to Chilean entity Credit Bank and Investments (BCI). The transaction is a surplus in accounts of Popular de170 million euros. And it will have a positive impact on its capital CET1 (fully-loaded) of 60 basic points.

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  • Racho plans to sell TotalBank, private banking and or Popular assets
  • Banco Popular enters U.S. with purchase of TotalBank
  • Popular prepares sale of its bank in USA TotalBank

Likewise, operation is expected to have a positive effect on CET1 capital (fully-loaded) of Grupo Santander of 5 basic points, and a non-material impact on results.

The transaction is subject to usual regulatory conditions and authorizations, and is expected to culminate during second semester of 2018, as market supervisor recalls.

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