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Brazilian federally controlled savings bank Caixa Econômica Federal (CEF) is joining fellow federal banking giant Banco do Brasil (BB) and the country's second largest private sector bank, Bradesco (NYSE: BBD), for the new Elo card brand, a press release reads.
Earlier this month, it was reported that CEF was in talks with both banks to join the Elo card project, which will consist of credit, debit and prepaid cards. Elo will be controlled by Elo Serviços, owned by Elo Participações, a holding company 50.01% controlled by Bradesco and 49.99% by BB.
Elo will be officially launched on April 4 and is expected to gain a 15% market share within five years, the release reads.