Santander Sells Up In Bolivia

Spanish bank Grupo Santander has completed the sale of its majority stake in Bolivia’s Banco Santa Cruz to local Banco Mercantil. Santander is thought to have garnered anything between $26 million and $38 million for its 96.3% stake in the country’s fourth-largest bank. The acquisition of Banco Santa Cruz makes Banco Mercantil Bolivia’s largest bank; currently it is the second largest.