Banco Santander Chile Announcement regarding an offer for its Asset Management business
SANTIAGO, Chile, May 30, 2013 /PRNewswire/ -- Banco Santander Chile (NYSE: BSAC; SSE: Bsantander) announced today it has a received an offer for its subsidiary Santander Asset Management S.A., Administradora General de Fondos, which includes the purchase of all the shares of this subsidiary. The Bank will maintain the commercial relation with clients and the offer also includes the exclusive distribution of funds by the new entity for 10 years, renewable up to a maximum of 20 years. This offer is being analyzed and reviewed, both internally by the Board and by independent evaluators, which will be submitted then to the relevant parties for approval and for the authorization of the Superintendence of Banks and Financial Institutions.
The new holding company would be comprised of Grupo Santander, Warburg Pincus and General Atlantic and would concentrate the stakes of the Group's subsidiaries in each of the countries in which Santander is present in the Asset Management business
With the restructuring of Santander Asset Management, the quality and variety of the products to be offered by Banco Santander Chile would be strengthened by global management, focused on value-added products, which will boost product innovation and strengthen the collaborative relationship with various distribution networks.
As per the latest public records published by the Superintendence of Banks of Chile for March 2013, Banco Santander Chile is the largest bank in terms of assets and equity. The Bank has among the highest credit ratings among all Latin American companies, with an A+ rating from Fitch, A from Standard and Poor's and Aa3 by Moody's. The stock is traded on the New York Stock Exchange (NYSE: BSAC) and the Santiago Stock Exchange (SSE: Bsantander). The Bank's main shareholder is Santander, which controls 67% of Banco Santander Chile.
SOURCE Banco Santander Chile