Banco Santander Brasil SA, Brazil's largest foreign
lender, made public on Monday an intention to buy out acquirer
GetNet Tecnologia SA from the company's controlling shareholder,
according to a securities filing. The bank, a subsidiary of
Spain's Banco Santander SA, signed a memorandum of
understanding with Ernesto Corrêa da Silva to explore a
potential purchase of his stake in GetNet, which has about 5
percent of Brazil's $320 billion merchant acquiring market, as
the card payment processing industry is known.
"The transaction will allow Santander Brasil to capture all
potential opportunities that merchant acquiring could bring
about through innovation and technology. This leverage will be a
strategic tool to imporve the bank's positioning in retailing
and commerce," the filing, signed by Santander Brasil's Chief
Financial Officer Carlos Alberto López Galán, said.
The bank did not disclose terms of its proposal to Corrêa da
Silva. Units of Santander Brasil, a blend of the bank's common
and preferred shares that is the lender's most widely traded
class of stock, rose 1.1 percent to 13.08 reais on Monday.