Santander to Sell Piece of Chile Unit

Santander plans to sell up to 3.60bn shares in Santander Chile, or about $310m, it says in a regulatory filing. The shares will be sold by Teatinos Siglo XXI Inversiones, one of 2 holding vehicles through which Santander controls the Chilean unit. The sale is consistent with the Spanish bank’s long-term aim to reduce its holding in the Chile unit to about 75%, says a bank spokesman. Santander currently holds 76.9%, with 41.5% through Teatinos and 35.5% through Santander Chile Holding. The sale of the shares is likely to be conducted over time as interest arises, the spokesman says. No outside banks have been hired in connection with it. Santander’s Chile shares closed Monday at CLP40.91.