Banco Santander (SAN) says it will sell its Colombian unit to CorpBanca (BCA) of Chile for...

|About: Banco Santander-Chile (BSAC)|By:, SA News Editor

Banco Santander (SAN) says it will sell its Colombian unit to CorpBanca (BCA) of Chile for $1.225B, as the Spanish bank looks to bolster its capital reserves. It’s part of the great fire sale among European financial firms, another byproduct of the continent’s ongoing sovereign debt crisis.