Spain’s Banco Santander SA sold a 7.8% stake in its Chilean unit and said it will sell all of its Colombian businesses to Chile’s CorpBanca,
the
Wall Street Journal
reported.
Previously, the bank had announced plans to sell 8% of its Brazilian unit. It also has sold part of its U.S. auto-loan unit and offered to exchange some of its outstanding bonds.
The report noted that, like other European banks, family-controlled Santander is trying to raise capital without reducing dividend payments or selling new shares at distressed prices. European banking regulators told Santander it needed at least 5 billion euros in new funds, the report noted.
(Source:
Wall Street Journal,
Dec. 8, 2011.)
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