Banco Santander Chile has instructed Credicorp Capital to sell its entire stakes in Chilean payment companies Transbank SA, Redbanc SA and Sociedad Operadora de Tarjetas de Crédito Nexus SA, and has delegated its rights as a shareholder in the firms while the stake sales are pending, Diario Financiero reported.
In a statement, Credicorp Capital reportedly said that it had been given instructions to sell the ownership stakes, as well as to represent Santander at the three firms' shareholder meetings in the meantime. Santander will refrain from in its capacity as a shareholder while they continue to own the stakes, according to the statement.
The move follows a legal battle between antitrust regulator TDLC and Transbank, in which the competition body claimed that credit card administrator charged abusive fees. Santander Chile, which owns a 24.99% stake in Transbank, subsequently announced that it decided not to renew its credit card contract with the firm after it expires next year.
Redbanc is an interbank network in Chile connecting the country's ATM system, while Nexus is a credit and debit card payment processor.