The Spanish bank Santander is to sell the US subsidiary of Banco Popular TotalBank to the Chilean banking group BCI for $528m (€444m) in an operation expected to be complete by the second half of 2018.
The transaction – pending of regulatory approval – is not expected to have any impact on Santander’s outcomes, the entity said.
Before reaching the deal with Banco Santander, the Chilean bank BCI had started negotiating the purchase with Banco Popular (the former owner of TotalBank) until it was acquired by Banco Santander in June 2017.
Santander Group executive chairman Ana Botín said: “We are achieving our goals after Banco Popular’s acquisition. We have made a capital increase, strengthened the balance and we got clients trust back.
“Although TotalBank is a good bank, it does not fit with our presence in the US, hence our decision to sell it to BCI – a solid entity well-known to us.”
Florida-based TotalBank, which was fully acquired by Banco Popular in 2007 for $300m (some €220m), has 18 offices, around 300 employees and manages up to $3bn in assets.