BULLETIN: Banco Santander Central Hispano to Sell 24.9% of Grupo Financiero Santander Serfin Dec 02
- ID: 1791262
- December 2002
- Standard & Poors
Standard & Poor's Ratings Services said today that Spain-based Banco Santander Central Hispano, S.A.'s (SAN; A/Stable/A-1) agreement to sell a 24.9% stake in its Mexican subsidiary Grupo Financiero Santander Serfin to Bank of America Corp. (BoA; A+/Stable/A-1) for $1.6 billion will not lead to a change in its ratings on the Spanish bank. The transaction reduces, albeit just slightly, SAN's investment at risk in Latin America, and, with the realization of $700 million in capital gains, adds to cushions created by SAN in recent months through asset disposals, including minority stakes in some other subsidiaries. However, these factors do not entirely offset SAN's still high degree of exposure to Latin America (especially Brazil), which is experiencing increased volatility. ANALYST E-MAIL...
Companies mentioned in this report are:
- Banco Santander S.A.
- Bank of America Corp.
Action: S&P Event
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