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BULLETIN: Central Bank of Chile to Sell Shares in Banco Santiago; Change in Control Unlikely Mar 02
Standard & Poors, March 2002
Abstract
Despite the facts that the Central Bank of Chile will sell its 35.5% stake in Banco Santiago (A-/Stable/A-2), and that third parties have expressed interest in this stake, Banco Santander Central Hispano S.A. (SAN; A+/Negative/A-1) intends to maintain control of the bank. Thus, Standard & Poor's ratings on Banco Santiago are not expected to change upon the Central Bank sale. SAN currently owns 43.5% of the share capital and is entitled to 67.4% of voting rights. An agreement (expiring May 2002) exists between SAN and Central Bank, where Central Bank may require SAN to purchase any Santiago shares held by Central Bank at a stated strike price or vice versa. It is each party's option to require such a purchase,...
Companies mentioned in this report are: Banco Santander-Chile S.A.,Banco Santander S.A.,HSBC Holdings PLC,Banco de Chile
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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