Itaú eyes cards expansion
Brazilian bank Itaú Unibanco is expanding its activities in the cards industry in order to contain increasing competition from new and smaller players.
In mid-July the bank launched its Pop Credicard brand, a card processor for small companies. It will have different prices and business strategy from Itaú's Rede card division.
The lender expects to have 120,000 terminals with its new card brand by the end of the year, investors relations officer Caio Ibrahim David told a conference call with analysts.
In addition, David said the bank plans to launch a pre-paid card but did not provide further details about the new product.
As Brazilians increasingly prefer cards over cash, the card market is rapidly expanding.
The card processing market is dominated by Rede and Cielo, controlled by Bradesco and Banco do Brasil; and also GetNet, which is owned by Santander Brasil, but smaller players are gaining ground.
This year has seen local credit card processor PagSeguro Digital, which is controlled by internet provider Universo Online (UOL), raise US$3.26bn through two share sales to finance its ambitious expansion plans.
Meanwhile, Stone Pagamentos is planning to raise up to US$1bn from an IPO that it expects to hold in the coming months.
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