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Banco Santander to sell Banco Popular's 49% stake in WiZink Bank


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Banco Santander to sell Banco Popular's 49% stake in WiZink Bank

Banco Santander SA agreed to sell Banco Popular Español SA's 49% stake in WiZink Bank SA to Värde Partners Inc., which already owned 51% of the company.

The agreement will also see Banco Popular and Banco Santander Totta SA purchasing the debit and credit card business of WiZink. The businesses were sold to WiZink by Banco Popular in Spain and Portugal in 2014 and 2016.

Santander will resume Banco Popular's debit and credit card business, which is expected to improve market strategy and facilitate the integration of the latter. Santander said it expects both transactions to have a positive effect on its fully loaded common equity Tier 1 ratio of about 10 basis points, without having any significant impact on the group's results.

The deals, which remain subject to regulatory approval and customary conditions, is expected to complete within the second half.