Banco Santander Chile has finalized the sale of most of its ownership stake in payment processing company Sociedad Operadora de Tarjetas de Crédito Nexus SA, according to an Oct. 14 filing.
The Chilean bank sold an 11% stake in Nexus to Banco de Chile, Banco del Estado de Chile and Banco de Credito e Inversiones SA. Meanwhile, Brazil-based Itaú Unibanco Holding SA will buy Santander Chile's remaining 1.9% stake in the payment processor, subject to the approval of Banco Central do Brasil.
The transaction is part of Santander Chile's planned sale of its entire holdings in three of its affiliates, including a 25% ownership in Transbank SA and a 33% stake in Redbanc SA. The deal process for the two remaining affiliates remains open, according to Credicorp Capital, who is in charge of the sales.
The Transbank move is in line with the Chilean government's plan to revamp the company's organizational structure in an effort to boost competition in the cards payment market.