Rabobank Group of the Netherlands announced Tuesday that it has agreed to buy HNS Banco of Santiago from General Electric Co.'s GE Commercial Finance and Ergas Group.
The acquisition would give the $740 billion-asset Rabobank 11 more offices in Chile, where it has had operations since 1994. The $318 million-asset HNS was founded in 2002 and has 230 employees.
Rabobank has a representative office in Chile that makes short- and medium-term loans to rural producers. It has two other businesses there, Rabotrading and Raboinvestments, which provide corporate banking, trade finance, foreign exchange, and swaps, among other services.
The HNS deal is expected to close this month. The price was not disclosed.
