Banco Santander (Brasil) SA will pay 1.6 billion Brazilian reais (US$394.1 million) to acquire the remaining 40% stake in Banco Olé Bonsucesso Consignado SA it does not already own, the company said in a Dec. 20 filing.

The Brazilian unit of Spain's Banco Santander SA said that it signed a binding agreement to purchase the stake, subject to the formalization of the definitive documents and other conditions, including regulatory approvals. The binding deal comes nine months after Bosan Participações SA said that it would exercise its put option to sell its 40% stake in Banco Olé as part of an investment agreement involving Santander Brasil.

The transaction, once completed, will give Santander Brasil, which already owned a 60% stake in Banco Olé, sole ownership of the company.

As of Dec. 19, US$1 was equivalent to 4.06 Brazilian reais.