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Santander completes first stage of Colombian sale
May 30, 2012 / 7:27 AM / 5 years ago

Santander completes first stage of Colombian sale

MADRID, May 30 (Reuters) - Spanish bank Santander has sold a 51 percent stake in its Banco Santander Colombia subsidiary for around 497 million euros ($623 million) to Chilean group Corpbanca.

Santander said on Wednesday a second phase of the sale will see the rest of its stake transferred to Corpbanca by the end of June, with the capital gain from the entire disposal seen at around 615 million euros.

The sale, part of Santander’s drive to raise capital, was announced in December. ($1 = 0.7977 euro) (Reporting by Nigel Davies; Editing by Dan Lalor)

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