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Article: Banco Santander Chile Completes Banco Osorno Merger
- Article from:
- PR Newswire
- Article date:
- June 30, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK, June 30 /PRNewswire/ -- The merger of Banco Santander Chile (NYSE: BSB) with the former Banco Osorno y la Union has been completed as scheduled one year after its official announcement. The merger has led to the closure of 41 branches, some 19% of the total, and to a reduction of 860 jobs or 18% of the total workforce. The cost savings from the merger are already visible with personnel costs down 23.6% in the first five months of the year with respect to the same period last year.
There is now only one operating and information system at Banco Santander Chile and credit standards have been fully homogenized. As a result of the review of the ...