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Santander Sells Stake in Chilean Unit for $290 Million

Banco Santander SA, Spain’s largest lender, sold a 1.9 percent shareholding in its Chilean unit for about $290 million in an auction on the Santiago exchange.

The Madrid-based bank sold 3.6 billion shares in Banco Santander Chile, the South American country’s biggest lender, for the minimum price of 38.25 pesos each, the Santiago exchange said in a statement that didn’t identify the buyers. The Chilean lender’s brokerage unit handled the sale.