Transbank sale: Major Chilean banks to submit offers this month

Major Chilean financial institutions are preparing to submit non-binding offers for the acquisition of Transbank, the country’s largest card payment network. Banco de Chile, Bci, Scotiabank, and Falabella have reportedly shown preliminary interest in the process, with offers expected to be presented during the third week of October.

The sale process is being coordinated by investment bank LXG Capital. This follows a previous attempt in early 2023 that failed after shareholders deemed the offers insufficient. The current process aims to include all existing shareholders, even those with minimal holdings that do not grant board representation.

Transbank’s ownership is currently concentrated among traditional banks. Banco de Chile holds the largest stake at approximately 26%, followed by Santander at 25% and Scotiabank at 22.69%. Other significant shareholders include Itaú, BancoEstado, and Bci, each holding 8.72%.