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Santander Chile OKs majority stake purchase in Santander Consumer Chile

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Santander Chile OKs majority stake purchase in Santander Consumer Chile

Banco Santander Chile said its shareholders approved the purchase of a 51% stake in Santander Consumer Chile SA for about 62.14 billion Chilean pesos.

Santander Chile will acquire a 49% stake from Skberge SA for 59.06 billion pesos and a 2% stake from Banco Santander SA for 3.07 billion pesos to become the majority shareholder of Santander Consumer Chile.

Santander Consumer Chile has the second largest portfolio of automobile loans in Chile, holding 407.00 billion pesos at the end of March, Banco Santander Chile said in announcing the shareholder approval. The deal still requires regulatory approval.

The purchase will allow Banco Santander Chile to enter the "high-growth business" of automobile financing in Chile and enable it to "expand with new alliances, businesses and customers," Claudio Melandri, the bank's president, said in a statement.

Meanwhile, Santander Consumer Chile has also signed a renewable commercial agreement with SK Bergé for 10 years, through which it will be the first financing option in the latter's concessionaires.

As of Aug. 27, US$1 was equivalent to 722.46 Chilean pesos.