September 24, 2013 / 11:02 PM / 5 years ago

Itau, Cencosud credit-card deal to close in 30 days: source

A security guard walks at the entrance of Itau Unibanco bank on Sao Paulo's Avenida Paulista October 13, 2011. REUTERS/Nacho Doce

SANTIAGO (Reuters) - Brazilian bank Itau Unibanco’s (ITUB4.SA) $300 million deal to buy a stake in Chilean retailer Cencosud’s credit card business will likely close in around 30 days, a source with knowledge of the deal told Reuters after the company had said talks were being extended.

In a statement to the Chilean regulator on Tuesday, Cencosud (CEN.SN) said that the talks on the deal, announced in June, would be extended for another 90 days.

However, the source said the deal would likely be wrapped up within 30 days.

“The due diligence has already completed, but we have not managed to draw up the contracts before the originally agreed deadline,” the source said.

Itau Unibanco, Brazil’s largest private-sector bank, is buying a 51 percent stake in Cencosud’s credit card business in Chile and Argentina, as it seeks to strengthen its position in the two Southern Cone countries.

Reporting by Antonio de la Jara, Writing by Rosalba O'Brien; Editing by Bob Burgdorfer

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