Banco Santander Chile has accepted the purchase offer of Banco Santander SA, Spain, for all the shares of Santander Chile’s subsidiary Santander Asset Management SA Administradora General de Fondos.

The agreement stipulates that Banco Santander Chile will distribute the products of the fund manager for a period of 20 years, and will maintain the relationship with clients. Therefore, transactions will be done in the same manner prior to the sale.

As mentioned, the price to be paid values the company at US$130 billion pesos according to balance statements as of February 28, 2013. Santander Chile will recognize a gain or profit for this sale of about US$77 billion pesos.

The price to be received as a percentage of funds under management is 2.6% and 7.5 times the fund manager’s equity at the closing date of the transaction.

Grupo Santander announced the creation of a new holding company, composed of Santander and two leading asset management firms, Warburg Pincus and General Atlantic.

The new holding company will concentrate the stakes of the subsidiaries in each of the countries where Santander has a presence in the asset management business.

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Under the terms of the agreement, Warburg Pincus and General Atlantic will jointly control 50% of the holding company, while the remaining 50% will be owned by Grupo Santander.

Thus, the quality and variety of asset management products to be marketed by the Bank will be greatly improved, together with a global management focused on value-added products and a close and collaborative relationship with various distributions networks.