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Banco de Chile to buy Penta's credit portfolio - source
June 30, 2015 / 4:13 PM / 2 years ago

Banco de Chile to buy Penta's credit portfolio - source

SANTIAGO, June 30 (Reuters) - Banco de Chile, one of Chile’s largest banks, agreed last week to buy the credit portfolio of the smaller Banco Penta, a source told Reuters on Tuesday.

Local newspaper Diario Financiero reported earlier Tuesday that Banco de Chile had offered $235 million last week to buy a number of key assets of the corporate-focused Penta, ending drawn-out negotiations that began in January.

But a source with knowledge of the deal told Reuters that the sale only involved Penta’s debt portfolio and was a “minor operation.”

Banco de Chile is controlled by Citigroup Inc and Chile’s powerful Luksic family.

Penta is going through a sale process at the same time as its owners, Carlos Delano and Carlos Lavin, are being investigated for fraud and bribery, as part of a wider probe into illicit electoral campaign financing.

Neither Banco de Chile nor Penta were immediately available for comment. (Reporting by Fabian Cambero; Writing by Gram Slattery; Editing by Christian Plumb)

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