Banco Santander’s $528 Million Sale of TotalBank to Banco de Crédito e Inversiones


Cravath is representing Banco Santander in connection with the transaction.

Banco Popular Español S.A. (“Popular”), a wholly owned subsidiary of Banco Santander S.A. (“Santander”), today announces that it has agreed to sell TotalBank to Banco de Crédito e Inversiones (“BCI”). BCI will acquire TotalBank for a consideration of approximately $528 million, subject to regulatory approvals and other usual conditions.

TotalBank is a retail and commercial bank, based in Florida, with a total of 18 branches, c.300 employees, and $3,106 million in assets. It has been 100% owned by Popular since 2007.

Santander acquired Popular on 7 June 2017. Since then Santander has invested €7 billion to strengthen Popular’s balance sheet following the successful rights issue in July.

The sale of TotalBank was incorporated in Santander’s valuation of Popular at the time of acquisition and will contribute five basis points to Santander’s CET 1 capital ratio.

The Cravath team is led by partners Richard Hall (Picture) and Joel F. Herold and includes associate Maya A. Rosenthal-Larrea on M&A matters; partner Christopher K. Fargo and associate Richard Bohm on tax matters; and partner Jonathan J. Katz and associate Daniel P. Herrmann on executive compensation and benefits matters. Tianyang Lin also worked on M&A matters.

Involved fees earner: Richard Hall – Cravath Swaine & Moore; Joel Herold – Cravath Swaine & Moore; Maya A. Rosenthal-Larrea – Cravath Swaine & Moore; Christopher K. Fargo – Cravath Swaine & Moore; Richard Bohm – Cravath Swaine & Moore; Jonathan J. Katz – Cravath Swaine & Moore; Daniel Herrmann – Cravath Swaine & Moore;

Law Firms: Cravath Swaine & Moore;

Clients: Banco Santander Sa;

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Author: Ambrogio Visconti