By Mauro Orru

 

Banco Santander (Brasil) S/A said late Monday that it would evaluate the potential spin-off of its merchant payment business Getnet.

The Brazilian subsidiary of Spanish bank Banco Santander SA said a spin-off would transfer ownership of Getnet to Banco Santander (Brasil) S/A's shareholders, including Banco Santander which owns 89.51% of Banco Santander (Brasil) S/A.

"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," Banco Santander (Brasil) S/A said in a statement.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

November 17, 2020 01:24 ET (06:24 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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