Banco Santander sells off Colombian assets

Spain’s Banco Santander is to sell its Colombian assets to Chilean bank Corpbanca SA.

The deal will be closed by June 30 and will be implemented in two phases.

The first phase, the sale of 51% of Banco Santander Colombia SA and Santander Investment Trust Colombia for $624m, and has been completed today.

The second phase of the transaction will see the sale of the rest of the group’s shares and of the other group subsidiaries in Colombia.

To finance the deal Corpbanca shareholders have approved a $650m capital increase. The combined value of the deal is $1.23bn.

Corpbanca is one of Chile’s largest banks and is looking to grow in Colombia, given the attractive growth rate of the country.

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