Santander Brasil reportedly in advanced talks to assume full control of Olé
The Brazilian subsidiary of Spanish banking giant Santander is reportedly in advanced talks to acquire full control of payroll lending company Olé.
Santander Brasil owns 60% of Olé, while local lender Banco Bonsucesso controls 40%.
The conclusion of a deal is likely to be reached at the start of the second half of the year, reported Brazilian daily O Estado de S. Paulo.
Contacted by BNamericas, a Santander Brasil spokesperson declined to comment.
Payroll lending has grown strongly for many years and it is viewed as an attractive segment by many Brazilian banks as it represents a low-risk business with loan installments deducted directly from borrowers' paychecks.
Santander Brasil was the largest earnings generator of all of Santander's subsidiaries in 1Q19, making up 29% of the global total.
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