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Chilean investor wants Santander to return investment in Banco Popular


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Chilean investor wants Santander to return investment in Banco Popular

Aeris Invest, the investment vehicle of Grupo Luksic, one of Chile's largest conglomerates, has written to the head of Banco Santander SA to demand the return of its €113 million investment in Banco Popular Español SA, Spain-based newspaper ABC reported March 19.

The publication said the group wrote to Santander Executive Chairman Ana Botín and threatened to undertake legal action if the money was not returned. Grupo Luksic is controlled by the family of late billionaire Andrónico Luksic, whose widow Iris Fontbona is Chile's richest person.

Luksic acquired 3% of Popular in May 2017, just a little under a month before the bank's winding down by European authorities and its fire sale to Santander. The group has already filed legal complaints in the European Court of Justice against the EU's Single Resolution Board and the Spanish bank restructuring fund, the FROB.

Popular's resolution and subsequent sale has been the focus of several legal challenges from institutional and retail investors.