CHILE (Notifix).- In order to boost credit card business and the challenges facing the financial sector, both in Chile and in Argentina, Itaú Unibanco and Cencosud, two leading companies in their respective sectors, signed a binding agreement to jointly develop the retail finance business, as per the agreement Itau will have 51% and Cencosud 49%.

The operation considers the purchase of shares of the Cencosud credit card management company (CAT) through its subsidiary Itaú Chile and participation in the Argentine business through its respective subsidiary in that country, in the amount of USD 307 million, including the acquisition of 51% of the assets of both companies. Additionally, the agreement provides for funding, by Itaú, of 100% of the credit card portfolio in both countries, amounting to about USD 1,300 million.