By Nathan Allen
Spain's Banco Santander SA (>> Banco Santander) said on Friday that its wholly-owned subsidiary Banco Popular Espanol SA has agreed to sell TotalBank to Chile's Banco de Credito e Inversiones (>> Banco de Credito e Inversiones SA) for $528 million.
TotalBank is a Florida-based retail and commercial bank with a total of 18 branches and about $3.1 billion in assets that has been fully owned by Banco Popular since 2007.
"While TotalBank is an excellent franchise, it is not a natural fit with our existing U.S. business," said Santander's executive chairman, Ana Botin.
Santander said the sale will contribute five basis points to its core equity tier-one capital ratio and 60 basis points to Banco Popular's CET1 ratio.
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