Saturday , February 4 2023

Amounts collected by Santander during the sale of Transbank


Santander definitely leaves Transbank. In a statement, Credicorp Capital announced yesterday that the Spanish capital entity had mandated to sell its entire stake in Transbank, but together with it, a company led by Claudio Melandri would leave Redbanc and Nekus, an operation that remains in charge of Credicorp.

What kind of participation does a bank have in each of these companies?

Since December 2017, Santander is the second largest shareholder of Transbank Bank, with 24.9% ownership, behind the Banca de Chile 26.15%.

Since September, Transbank Bank's capital has reached $ 70.954 million, so that it would be around $ 17.739 million that Santander can earn from selling, since such a capital should be the starting point for determining the price.

On the other hand, the Spanish capital bank is also the second largest shareholder of Redbanca, adding 33.4% of the stake, behind the 38% Banco de Chile. In Nekus, meanwhile, is the fourth place with 12.9% of the total.

At the same time, Credicorp announced that the bank had given them a mandate "to use their political rights as a shareholder of these companies".

"Because of that, since that date, Banco Santander will no longer participate in the relevant shareholder meetings and will not decide as a shareholder in relation to the said companies," the statement said.

This is despite the decision not to transfer the mandate of procurement to Transbank, which will mean that it will be the first bank in a four-part model, where the publisher has nothing to do with who connects shops, but only with branding cards.

All in all, these three companies work together. Someone is in charge of making transaction authorizations, delivering account statements, issuing plastic among others. For its part, Redbanc is the one who looks over the ATM network in the country.

Santander's decision implies the "independence" of Transbank. Offers, for example, payment of goods at interest rates is the development of a company that supports cash collection that is available to all entities, which makes banks difficult to offer differentiated services.

Accordingly, Santander's decision could mean more competition, say the market, because it could personalize its products and benefit from anything other than those offered by the industry.

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