Arab Today, arab today santander sells stake in colombian offshoots
Last Updated : GMT 11:40:20
Arab Today, arab today
Arab Today, arab today

Santander sells stake in Colombian offshoots

Arab Today, arab today

Arab Today, arab today Santander sells stake in Colombian offshoots

Madrid - AFP

Spain\'s Santander bank, the biggest in the eurozone by market value, said on Wednesday it had sold a 51-percent stake in its Colombian offshoots for $624 million (497 million euros). Profits from the sale would go to strengthening the bank\'s balance sheet, it said in a statement. The bank had announced in December an agreement to sell its subsidiaries Banco Santander Colombia and Santander Investment Trust Colombia to Chilean group Corpbanca for $1.225 billion. The sale would now take place in two stages, it said: first, the just-completed sale of a 51-percent stake and then the sale of the remainder by June 30 this year at the latest. This would give Corpbanca the time to raise capital for the purchase, Santander said. Overall, the transaction would generate profits of 615 millions euros, to be used to protect the bank from future declines in the value of its property-related assets. \"The profits will aloow provisions to be made of approximately 900 million euros to partially cover the cleaning up of property assets that must be completed by the end of the financial year,\" it said. The government this month instructed banks to set aside an extra 30 billion euros in 2012 in case property-related loans go bad, on top of 53.8 billion euros required under reforms enacted in February. Santander has calculated that the latest reform will require it to set aside an extra 2.7 billion euros this year.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today santander sells stake in colombian offshoots Arab Today, arab today santander sells stake in colombian offshoots

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today santander sells stake in colombian offshoots Arab Today, arab today santander sells stake in colombian offshoots

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday