Banking regulator authorizes Ripley to unify all financial operations in Chile
Chilean banking regulator SBIF has authorized local retail group Ripley Corp and its subsidiary Banco Ripley to unify all of the group's financial operations in Chile, according to a note sent by Banco Ripley to securities regulator SVS.
Under the move, Ripley Corp transferred to Ripley Chile 99.9% of the rights over Ripley Financiero, parent of Banco Ripley. With this, Ripley Financiero has become a subsidiary of Ripley Chile.
With the approval all of Ripley's financial operations in Chile will be subject to regulation by SBIF.
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