Monday , June 21 2021

Bci announces the acquisition of the Presto card from Walmart



The Bank informed the Financial Market Commission (SMF) that the bank's supervisory bank approved the operation.

One of the most important financial transactions lately has been approved. And it is that Bci informed the Financial Market Commission (CMF) that today Superintendency has authorized them to acquire a Mastercard business card.

"As a result, we have a contract to continue closing the transaction, for which Walmart and Bci work together with their advisers, in the usual documentation for closing this type of transaction, which you are expected to subscribe as soon as possible" , Bci told the regulator.

The operation, which costs around $ 150m, will allow the bank linked to the Jaurur family to manage all the financial products and services currently offered by Walmart Chile, which also includes issuing and operating credit cards. Water MasterCard, as well as progress in cash and personal insurance brokerage, among others.

This operation, according to its general manager Eugenio Von Crismar, "is part of the bank's strategy to continuously search for growth opportunities locally and internationally and our goal to become a leading player in the credit card industry in Chile." He added that "in this line, the acquisition will allow us to double the share of the credit card market, in accordance with the defined plan."

"Financial services will enable us to reach up to 1.5 million credit card users, which is a great business opportunity, because the payment facilities will be a fundamental part of our bank's success in the coming years, from world leaders in their industry, and this will enabled us to compete with the best international practices in this field, "von Chirzimar said.

Walmart indicated during the process that after this sale he will focus on his country's growth plan, which includes an investment of $ 800m for the next three years and is considering opening between 55 and 60 supermarkets.


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