Caiman Valores
Contrarian, long-term horizon, research analyst, value

Banco Santander Chile's Recent Sell Down Represents A Buying Opportunity For Investors

Spain´s Banco Santander (NYSE:SAN) has followed a model of building successful franchises in emerging Latin American markets and then separately listing those subsidiaries as a means of unlocking capital for the mothership while maintaining a controlling interest. The first franchise where Banco Santander used this model was Banco Santander Chile (NYSE:BSAC), which was listed in 1997 and has grown to become the largest commercial bank in Chile. Since my last review of Banco Santander Chile in late August 2012, its share price has fallen by around 8% in value on the back of declining profitability. As a result, in this article I will review the bank´s performance in light of both its full year 2012

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