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Sonae sold 50% of Universo to Bankinter for $42 million and is moving forward with the partnership

Sonae sold 50% of Universo to Bankinter for $42 million and is moving forward with the partnership

The joint venture includes Alberto Ramos as Chairman of the Board of Directors, a position that will combine him with that of Regional Director at Bankinter Portugal, and Luis Felipe Reis, from Sonae, as CEO.

Sonae and Bankinter Consumer Finance today concluded a joint venture for growth in the consumer credit sector in Portugal.

The company that owns the Universo card is now owned in equal parts by Sonae and Bankinter Consumer Finance together, and is now in the consumer credit market.

“Following the sale of the 50% stake in Universo, Sonae received a total consideration of approximately €42 million, which is higher than the estimated consideration of €19 million announced on March 31, 2023,” reveals the statement sent to the Securities Market Commission. (CMVM).

The companies explained in a statement that The difference results from It is a capital increase undertaken by Universo with the aim of openingsip for you The credit portfolio to be obtained from Banco CTT, As well as financing Hey for you growth future.

“Andthis process Another one was bornWorth to Sonai In a quantity of a wall in 12 One million euros,” they reveal.

After this deal, Sonae was dismantled Its 100% stake in Universo, with The remaining 50% to be now Consolidated using the equity method.

The deal was concluded after obtaining the necessary licenses from the regulatory entities, namely the European Commission and the Bank of Portugal.

The joint venture includes Alberto Ramos as Chairman of the Board of Directors, a position that will combine him with that of Regional Director at Bankinter Portugal, and Luis Felipe Reis, from Sonae, as CEO.

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The concluded agreement provides for the future integration of Universo’s operations and Bankinter Consumer Finance’s open market business in Portugal, “subject to the necessary authorizations from the competent authorities.”

The companies reveal that Universo’s development strategy foresees enhanced digitalization, favoring the emergence of new products and services that are becoming increasingly convenient and easy to use.

“Universo’s growth strategy is focused on creating a leading consumer credit company in the national market with internationalization capabilities, providing a wide range of differentiated solutions,” strengthening both organizations.

Alfonso Saez, Managing Director of Bankinter Consumer Finance, believes that this agreement “allows us to strengthen our presence in Portugal, a country that we consider fundamental to our international expansion strategy and in which we have a history of more than five years. I am firmly convinced that this important step will generate positive growth.” Very important to both Universo partners.

João Dolores, CFO of Sonae, speaks of the ambition “to have leading companies in their sectors of activity”.

“For Universo, the goal is to lead consumer credit in Portugal, gaining the preference of an increasing number of customers. In this sense, the partnership with Bankinter Consumer Finance will allow us to accelerate its growth, thanks to the extensive experience in the financial sector that will enhance the progress and strength of our offer, making it More important and distinctive.

“By focusing on the future, Universo, which provides solutions in the payments, cards, personal credit, insurance, savings and investment sectors, will integrate a wide range of financial products and services, assuming itself as an increasingly closer partner to families, and providing innovative solutions,” Sona adds: “Solutions that It supports them in managing their daily lives.”

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size Universo’s business reached €30 million in 2022 and €36 million we Firstly 9 Months From 2023.