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Santander Brasil to take full control of payroll lender Banco Olé

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Santander Brasil to take full control of payroll lender Banco Olé

Banco Santander (Brasil) SA will acquire a 40% stake in payroll lender Banco Olé Bonsucesso Consignado SA, giving it sole control of the company, according to a filing.

The move comes as Bosan Participações SA decided to sell its 40% ownership in Olé Bonsucesso Consignado to Aymoré Crédito, Financiamento e Investimento SA, a company controlled by Santander Brasil.

Bosan Participações is affiliated with Banco BS2 SA, which signed a joint venture with Santander Brasil in 2015 for stakes of 60% and 40%, respectively, in Olé Bonsucesso Consignado.