Santander Chile shareholders agree to purchase 51% of Santander Consumer Chile S.A.
August 27 2019 - 6:27PM
During this afternoon, at the Extraordinary Shareholders’ Meeting
of Banco Santander Chile (NYSE: BSAC) (Santiago: BSANTANDER), the
purchase of 51% of Santander Consumer Chile S.A. by the entity was
approved. The Board agreed to a total purchase price of Ch$ 62,136
million for 51%, corresponding to Ch$ 59,063 million for 49% held
by SKBergé and Ch$ 3,073 million for 2% held by Grupo Santander.
Santander Consumer Chile has the second largest
portfolio of automobile loans in Chile, with Ch$ 407,000 million at
the end of March 2019. More than 30,000 cars are financed each year
in the national market.
Claudio Melandri, president of Banco Santander
Chile, stressed during the shareholders’ meeting that "the
automobile market in the country has stood out for strong growth,
with the sale of cars expanding to double digits in the last four
years." He added that "this purchase will allow the Bank to enter
this high-growth business with consistently positive financial
results, which will allow us to expand with new alliances,
businesses and customers."
It is worth mentioning that in the context of
this operation Santander Consumer Chile signed a renewable
commercial agreement with SK Bergé for 10 years, through which it
is the first financing option in the latter's concessionaires.
Upon completion of the transaction, which is
awaiting approval by the Financial Markets Commission, the Bank
will consolidate the results of this subsidiary in its financial
statements.
About Banco Santander Chile
Banco Santander Chile is the largest bank in
Chile in terms of loans. As of June 30, 2019, we had total assets
of Ch$42,031 billion (U.S.$ 62.0 billion), outstanding loans net of
allowances for loan losses of Ch$30,289 billion (U.S.$ 44.6
billion), total deposits of Ch$22,032 billion (U.S.$ 32.5 billion)
and equity of Ch$3,331 billion (U.S.$4.9 billion). Our BIS ratio at
June 2019 was 13.1% with a core capital ratio of 10.4%. Our
long-term credit risk ratings are A1 by Moody’s, A by Fitch, A by
Standard and Poor’s and A+ by JCR.
Source: Banco Santander Chile
CONTACT INFORMATION
Robert Moreno
Investor Relations
Banco Santander Chile
Bandera 140, Floor 20
Santiago, Chile
Tel: (562) 2320-8284
Email: irelations@santander.cl
Website: www.santander.cl
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