The board of directors of Santander Brasil has approved initiating a study for the potential spin-off, which would transfer ownership of Getnet to Santander Brasil’s shareholders, including its majority shareholder Santander Group.
The potential spin-off is part of Santander Group’s plans to consolidate its payments franchises globally, building on the strength of its payments businesses.
Madrid, 16 November 2020 - PRESS RELEASE
The board of directors of Santander Brasil today announced that it is to begin a study into the potential spin-off of its merchant payment business, Getnet. The move would support the group’s plans to consolidate its merchant acquiring franchise, further improving the services it offers customers while creating value for shareholders.
Following the potential spin-off, Santander Brasil’s current shareholders would become Getnet's direct shareholders, on a pro rata basis, based on the same percentages of shareholding that they hold in Santander Brasil. Santander Group currently owns 89.51% of Santander Brasil, with the remaining shares held by minority shareholders.
The potential spin-off is subject to the completion of the aforementioned study, as well as the necessary approvals, including from shareholders and applicable regulators. Santander will keep its shareholders and the market informed of any relevant developments related to the above.
In October, Santander announced plans to bring together its most disruptive payments businesses, including the Getnet global franchise, within a new autonomous business to compete with global digital payments platforms. That company is called PagoNxt and will focus on accelerating growth in three business areas: merchant solutions; trade solutions for SMEs that trade internationally; and consumer digital products and services.
To support Santander’s growth ambitions in this highly attractive market, the bank today acquired highly specialised technological assets from Wirecard.