Santander (SAN) Brazil on Friday closed the agreement to buy the remaining 40% of Olé Bonsucesso Consignado SA for 355 million euros. The Brazilian subsidiary of Santander will have 100% control of the company’s share capital, according to a statement sent to the Sao Paulo Stock Exchange.
“By fully assuming the control of Olé Consignado, we have a great opportunity ahead of us to boost our growth in the Brazilian market,” said the executive vice president and chief financial officer of Santander Brasil, Ángel Santodomingo.
Banco Olé specializes in consigned credit – loans whose fees are deducted from the payroll – and the operation depends on the approval of the corresponding competition authorities. Banco Santander obtains in Brazil about 30% of the group’s total profit, its largest market, with 3,680 branches and about 50,000 employees.
Santander Brasil and Banco Bonsucesso agreed on a joint venture in 2015, with stakes of 60 and 40 percent respectively.