June 18, 2013
Brazil’s Itau has agreed to buy a 51% stake in Chilean retailer Cencosud's
Brazil’s Itau has agreed to buy a 51% stake in Chilean retailer Cencosud's credit card business in Chile and Argentina, for $307m, the two say. Itau will fund all credit card loans, worth around $1.3bn, in both Southern cone countries once the deal is wrapped up, in 12-18 months. Cencosud plans to use proceeds from the deal to reduce its debt and finance growth. The transaction remains to be approved by regulators in Argentina, Brazil and Chile.