Santander says subsidiary agrees to buy Brazil's GetNet

lunes 7 de abril de 2014 06:34 GYT

MADRID, April 7 (Reuters) - Spain's Santander said on Monday its Brazilian business had agreed to acquire Brazil's card payment processor GetNet Tecnologia for about 353 million euros ($483.38 million).

GetNet will be owned by Santander's own local card processing unit which will give the Brazilian arm of the Spanish bank an 88.5-percent indirect stake in GetNet, the bank said in a statement to the market regulator.

GetNet controls about 6 percent of Brazil's $300 billion card payment processing industry.

($1 = 0.7303 Euros) (Reporting by Sarah White; Writing by Paul Day)