Santander to buy 51 percent stake in El Corte Ingles consumer finance unit

MADRID Mon Oct 7, 2013 1:32pm EDT

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MADRID (Reuters) - Spanish bank Santander (SAN.MC) said on Monday it had agreed to pay 140 million euros ($190 million) for a 51 percent stake in the consumer finance unit of the country's leading department store El Corte Ingles.

In a statement, the bank said El Corte Ingles' finance unit would first pay out an extraordinary dividend to the parent company of 140 million euros, thereby reducing the value of the unit, valued at 415 million euros at end-July.

(Reporting by Clare Kane; Editing by Sarah Morris)

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