Banco Popular Espanol, a wholly owned subsidiary of Spanish lender Banco Santander, has inked an agreement to sell Totalbank to Chile-based Banco de Credito e Inversiones (BCI) for $528m.

The disposal of US operation is part of Santander’s strategy to sell non-core assets it inherited when it purchased Banco Popular in June 2017.

After acquisition, Santander has invested €7bn to strengthen Popular’s balance sheet following the successful rights issue in July.

TotalBank, which operates as a retail and commercial bank, has over $3.1bn in assets across 18 branch offices. The bank employs approximately 300 people.

Commenting on the agreement, Banco Santander executive chairman Ana Botin said: “Since acquiring Popular we have made excellent progress in delivering against our commitments – raising the required capital, strengthening the bank’s balance sheet, while regaining customer loyalty.

“While TotalBank is an excellent franchise, it is not a natural fit with our existing US business. We are therefore pleased to announce the sale to BCI who are well positioned to grow the business going forward.”

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The deal is subject to regulatory approvals and other usual conditions.