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.Learn More
- 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.