Monday , June 27 2022

The amounts Santander would collect when selling Transbank


Santander definitely leaves Transbank. In a statement, Credicorp Capital said yesterday that the Spanish capital entity gives him the command to sell his entire share in Transbank, but with each other, the company led by Claudio Melandri will leave Redbanc and Nexus, a surgery that also remains responsible for Credicorp.

What involvement does the bank have in each of these companies?

By December 2017, Santander was the second largest shareholder of Transbank, with 24.9% of ownership, behind 26.15% of Banco de Chile.

In September, Equity Transbank reached $ 70,954 million, so it would be around $ 17,739 million what Santander could earn with the sales, since such equity would be a starting point to set a price.

On the other hand, Spain's capital bank is also the largest second shareholder of Redbank, adding a 33.4% share, behind 38% of Banco de Chile. In the meantime, Nexus has located in the fourth place with 12.9% of the total.

At the same time, Credicorp said that the bank also gave them a mandate "to practice all their political rights as the shareholder of these companies."

"As a result, from this date, Banco Santander will no longer participate in the meetings of the appropriate shareholders and will refrain from taking any decision in his or her ownership as a shareholder in relation to the companies mentioned above, "said statement.

This is in addition to the decision not to renew the procurement mandate to Transbank, which will mean that this will be the first bank in a four-part model, where the publisher does not have any relationship with who is connect to the stores, but only with the brands of the cards.

On the whole, these three companies work with each other. Nexus is responsible for authorizing transactions, issuing account statements, publishing plastic among others. On his behalf, Redbanc is the one that watches over the communications network of ATM that is present in the country.

The Santander decision will suggest the "independence" of Transbank. It offers, for example, that the payment of goods in interest installments is a development of the company that supports the money order available to each entity, that is why they have Banks have difficulties to offer differentiated services.

Therefore, the Santander decision could suggest more competition, they say in the market, as it could personalize its products and provide different benefits to those offered by the industry.

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