Banco Santander Chile is merging its subsidiary Getnet Payments, SL—part of the global PagoNxt platform—into Getnet Chile. The deal will see Getnet Payments transfer a 49.99 % stake to Getnet Chile, a cash payment of Ch$41.6 billion, and a seven‑year renewable distribution agreement valued at Ch$45.2 billion. Santander will retain a 50.01 % ownership of the combined entity, ensuring continued control of the acquiring network. The transaction is subject to approval at an Extraordinary Shareholders’ Meeting scheduled for December 10 2025.
The merger is designed to give Santander Chile a stronger foothold in the country’s growing digital payments market. By combining PagoNxt’s global technology platform, processing expertise, and international network with Getnet’s existing 18.9 % market share and 316,000 POS terminals, the bank can accelerate innovation, broaden fee‑income streams, and deepen its competitive moat against fintech rivals and traditional banks. The integration also positions Santander to capture additional merchant volume and cross‑sell its broader retail and corporate banking products, reinforcing its “Chile First” digital transformation agenda.
Getnet’s current market position—18.9 % of physical card transactions and a nationwide terminal footprint—provides a solid foundation for the expanded network. The addition of PagoNxt’s advanced payment solutions is expected to improve merchant relationships, increase transaction volumes, and generate higher interchange and processing fees, thereby supporting the bank’s long‑term profitability and market‑share objectives in Chile’s increasingly digital banking landscape.
The deal aligns with Santander Chile’s broader strategy to modernize its payment infrastructure and deliver a seamless, technology‑driven experience to merchants and consumers. By leveraging PagoNxt’s scale, the bank can reduce processing costs, enhance security, and offer new value‑added services, all of which contribute to a stronger competitive position and a more resilient revenue base.
The transaction reflects PagoNxt’s global reach, having processed €222 billion in payments in 2024, and underscores Santander’s commitment to building a world‑class payments platform in Latin America. The merger will be finalized once shareholder approval is obtained, after which the combined entity will operate under the Getnet brand, continuing to serve Chile’s merchants with an expanded suite of payment solutions.
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