Sonae and Bankinter Consumer Finance complete joint-venture

 In Banks, Mergers and Acquisitions, News

The Portuguese group Sonae and Bankinter Consumer Finance completed a joint-venture on Thursday (November 30) which included the sale of 50% of Universo which will be held in equal parts by the two companies.

Universo is a Sonae Group wholly online, application-based personal finance company designed to meet the needs of families and small businesses, offering basic financial service products that are simple to use.
It offers payments, personal credit cards facilities, insurance services, and on-line purchasing financing, and other services.
Based in Spain, Bankinter SA engages in the provision of banking and financial services. It operates through the following segments: Commercial Banking, Corporate and SME Banking, Consumer Finance, Insurance Services and Other Business.
“Following the sale of 50% of its shareholding in Universo, Sonae received an offset of around €42 million, more than the €19 million suggested in a communiqué sent to the Portuguese stock market commission (CMVM) on March 31,2023” states the company led by Cláudia Azevedo.
“This difference has resulted from a capital increase made by Universo with the aim of absorbing its credit portfolio that had been acquired from Banco CTT, as well as providing funds for its future growth”, explains Sonae, adding that this would “create a capital gain for Sonae of around €12 million.
The goal is to create “a market leader company in the consumer credit market in Portugal with the potential for internationalisation”, with an “experienced and recognised team in the sector” that foresees the “future integration of Universo operations and Bankinter Consumer Finance open market business in Portugal, subject to the necessary authorisations from the competent entities”.