Santander Brazil to absorb Esfera loyalty program in June

Santander Brazil announced that its board has approved the full incorporation of Esfera Fidelidade, the bank’s subsidiary that runs one of Brazil’s largest loyalty programs. The move will be put to shareholders at an extraordinary general meeting on June 30.

The integration is intended to simplify the group’s corporate structure, unify administrative, operational and technological processes, and achieve cost savings and scale efficiencies. A PwC valuation puts Esfera’s net assets at roughly R$1.09 billion, and the total cost of the transaction is expected to stay below R$150 thousand.

Santander, which owns 100 % of Esfera, says the program will continue operating unchanged for its roughly 10 million users, who can keep earning points, transferring miles and redeeming rewards. The bank also highlighted its new Rewards program, which can accelerate point accumulation by up to 50 percent for customers who use multiple Santander services.