February 28, 2020 / 10:16 PM / a month ago

Santander to acquire fintech from its Brazilian unit: filing

FILE PHOTO: A woman walks past Santander bank branch in Rio de Janeiro October 7, 2009. REUTERS/Sergio Moraes

SAO PAULO (Reuters) - Banco Santander Brasil SA (SANB11.SA) has reached an agreement to sell its financial startup Superdigital to a European subsidiary of Spain’s Banco Santander SA (SAN.MC) for 270 million reais ($61.53 million), according to a filing on Friday.

The Brazilian unit said that after the sale, the Spanish group plans to launch Superdigital virtual wallets in more countries. Superdigital, which was acquired by Santander Brasil in 2017, has 1.9 million accounts.

Reporting by Carolina Mandl; Editing by Sandra Maler

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