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Banco Santander to sell TotalBank to Chile's BCI for $528M

Banco Santander SA agreed to sell U.S. unit TotalBank to Chilean lender Banco de Credito e Inversiones SA for a consideration of about $528 million, subject to regulatory approvals and other usual conditions.

TotalBank was previously owned by Banco Popular Español SA, which was acquired by Santander in June for a symbolic €1. The Miami-based retail and commercial lender has roughly $3.11 billion in assets, 18 branches and roughly 300 employees.

Santander noted that the sale of TotalBank was incorporated in its valuation of Banco Popular at the time of acquisition and will contribute 5 basis points to the Spanish banking group's common equity Tier 1 ratio.

The transaction will also lead to a capital gain on Banco Popular's accounts of €170 million and a positive impact of 60 basis points on its fully loaded CET1 ratio.

The deal is expected to complete in the second half of 2018.

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