Santander Brasil, Bonsucesso agree to create lending joint venture
SAO PAULO, July 31 (Reuters) - Banco Santander Brasil SA agreed to pay 460 million reais ($204 million) to get a 60 percent stake in a payroll and payroll lending joint venture with smaller peer Banco Bonsucesso SA, the latest step by the nation's largest foreign lender to increase its consumer finance business.
Terms of the transaction, which were outlined on a securities filing on Thursday, call for Santander Brasil's Aymoré Credito consumer finance unit to team up with Bonsucesso, which agreed to transfer all of its payroll and credit card lending business to the venture. Bonsucesso will get a 40 percent stake in the new company.
The deal is subject to regulatory approval. The structure of the Santander Brasil-Bonsucesso venture is similar to one signed in 2012 between Itaú Unibanco Holding SA and payroll lender Banco BMG SA. (Reporting by Guillermo Parra-Bernal; Editing by Lisa Von Ahn)
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