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Santander Brasil sends payments platform spinoff proposal to board

SAO PAULO, Feb 2 (Reuters) - Banco Santander Brasil SA will send a recommendation to the board of directors that the company spin off its payments platform Getnet, the company said in a Tuesday securities filing.

The Brazilian bank already said in a November filing that it was mulling the spinoff.

In that filing, the company said the plan could include listing Getnet shares in Brazil. It said at the time that shareholders would receive direct stakes in Getnet equal to their stakes in the bank overall, which means that Spain’s Banco Santander SA would become Getnet’s controlling shareholder. (Reporting by Alberto Alerigi Jr.; Writing by Gram Slattery; Editing by Rosalba O’Brien)

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