Citigroup's (NYSE: C) Brazilian credit card issuer, Credicard, and employee benefits provider Sapore Benefícios have teamed up to offer pay roll-linked loans and insurance policies, local news service CQCS reported.
The two have invited insurer ACE Seguradora as the first insurance provider in the partnership, and more will join soon, said Credicard president Leonel Andrade.
Andrade expects the partnership to generate sales of more than 10mn reais (US$6mn) per month during the first year of its operation.
Credicard will offer the loans and insurance products to more than 1mn employees who work for Sapore's 3,000 corporate clients.
The insurance offering will include personal accident and unemployment coverage, as well as travel and residential assistance services.