Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

BCI Falls in Chile as Santander Sees Slow Florida Boost

Banco de Credito & Inversiones, Chile’s third-biggest privately owned lender, fell to the lowest in seven months as Banco Santander SA analysts said its purchase of a Florida bank may not add to profit for five years.

BCI dropped 2.7 percent to 30,102 pesos at the close in Santiago, the lowest since Oct. 22. The stock was the second-largest contributor to today’s 0.6 percent decline in the benchmark Chilean Ipsa index.

Santiago-based BCI last week agreed to pay $883 million to buy Florida’s City National Bank from Spain’s Bankia SA. The deal, which requires regulatory approval, is expected to close in the first quarter of 2014, BCI said in a filing last week. It will fund the acquisition entirely or partially through the sale of new shares or bonds, according to the filing.

“The price paid is not cheap,” Banco Santander analysts Boris Molina and Luis Guzman wrote today in an e-mailed note. “This deal is likely to not add value in the short term, until the economic rebound in Florida generates enough growth to make numbers work,” which could take four or five years.

The Floridian bank has a return over invested capital of about 6 percent, below BCI’s 10 percent, Santander said.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.