Santander’s Getnet Brasil shares start trading


SAO PAULO, October 5 (Reuters)The shares of the payment company Getnet Brasil will start trading on the B3 and Nasdaq stock exchanges on October 18 and 22 respectively, its current majority shareholder Banco Santander Brasil SA SANB11.SA said Tuesday in US and Brazilian regulatory documents.

The lender has previously announced that it is separating and listing Getnet as part of a larger overhaul of Spanish bank Banco Santander’s payments business, which is consolidated into PagoNxt, of which Getnet will be a unit.

“This strategic step will allow Getnet Brazil to unlock the full potential of its activities under PagoNxt”, said Pedro Coutinho, CEO of Getnet, in a statement.

Santander said in a statement that it plans to expand Getnet to more countries in Latin America and Europe. It currently operates in Brazil, Mexico, Argentina, Chile and Uruguay.

The third largest card processor in Brazil, Getnet posted a net profit of $ 37.6 million in the first half of the year, with a net margin of 14.9%.

Santander Brasil shareholders will get 0.25 Getnet shares for each of their existing shares in the bank and 0.125 Getnet US custodian share per ADS of the lender.

Getnet to debut in dramatically changed landscape for once high-profile Brazilian payments companies like Cielo SA CIEL3.SA, PagSeguro Digital Ltd PAGS.N and StoneCo Ltd STNE.O, which have tumbled this year amid fierce competition.

(Reporting by Carolina Mandl, in Sao Paulo, and additional reporting by Jesus Aguado, in Madrid; Editing by Cynthia Osterman)

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