Santander sells TotalBank to Chile’s BCI for $528 million

Banco Santander said on Friday it had sold its U.S. unit Totalbank to Chile’s BCI for $528 million as part of moves to sell non-core assets it inherited when it bought Banco Popular. BCI owns City National Bank of Florida and had been in talks with TotalBank’s former owner Banco Popular before it was acquired by Santander, sources have told Reuters. TotalBank, which has more than $3 billion in assets across 18 branches and employs around 300 people, was acquired by Banco Popular in 2007 for $300 million. Reuters reports. Mexican private sector sees political uncertainty affecting economic growth Political uncertainty is the main factor hindering economic growth in Mexico, according to private sector analysts surveyed in November by the […]

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