Chile: Sale of Walmart financial unit approved

Chilean bank BCI will move forward with their planned purchase of Walmart’s financial assets after the operation was approved by the National Economic Prosecutor’s Office. The regulator determined that the operation would not substantially reduce the sector’s competition.

Only the approval of the Superintendency of Banks (SBIF) is still needed before the acquisition can be finalized. The deal was settled with the supermarket giant in December 2017 for an amount of US$148 million.

BCI will begin to operate all of Walmart’s products, including the issuance and operation of credit cards, including the popular Presto card, as well as other personal insurance and services.

According to information given by the bank’s CEO, Eugenio Von Chrismar, this acquisition will allow BCI “to increase the market share in credit cards, rising from 8% to 18%, in line with the defined plan” .Full Content: America Retail

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