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Santander spins off merchant payment business Getnet Brazil

Source: Banco Santander

Santander announced today that its leading merchant payment business, Getnet Brazil, is expected to begin trading on the B3 stock exchange in Sao Paulo on October 18, then on the Nasdaq stock exchange in New York on October 22 on a “regular way” basis.

The spin-off of Getnet Brazil, which was a wholly owned subsidiary of Santander Brazil, is part of Santander Group’s plans to create a global merchant acquiring franchise under the Getnet brand as part of PagoNxt - a technology-focused global payment fintech fully owned by Santander to integrate the bank’s most innovative and disruptive payments franchises.

Creating a global franchise for Getnet Brazil will offer several benefits to its shareholders, enabling Getnet Brazil to realize the full potential of its business within a global structure and platform, bringing more efficiency, diversification of revenue sources, speed of execution and integration with the other payment businesses within the Santander Group.

Javier San Felix, CEO of PagoNxt, said: “Payments lie at the heart of our relationships with customers and is a segment that is growing rapidly. Getnet is an outstanding franchise and has gained significant market share in Brasil in the last five years. By bringing Getnet Brazil together with our global payments businesses, we can leverage the group’s scale, further improving the services we offer to customers and creating value for shareholders.”

Pedro Coutinho, CEO of Getnet Brazil, said: "This strategic step will enable Getnet Brazil to unlock the full potential of its businesses as part of PagoNxt. Getnet Brazil will be part of a global platform, where we will leverage key capabilities, products, value added services and state-of-the-art platform technology and architecture.”

Getnet Brazil is already the number three acquirer and number one in ecommerce in the country, having doubled its market share in the past five years. Santander’s ambition is to expand the Getnet franchise to cover the main geographies in Latin America and Europe in the short term, as well as in the US and UK markets. The Getnet franchise has more than 1.2 million merchants in Brazil, Mexico, Argentina, Chile, Uruguay and Europe, where it was launched based on the recently acquired Wirecard infrastructure to offer services in 30 countries.

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