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Brazil's second largest bank, Itaú Unibanco (NYSE: ITUB), has agreed to sell its credit card payment processing unit Orbitall to local IT and consulting firm Stefanini for an undisclosed sum, according to a statement from the bank.
In 2004, Itaú raised its ownership in Orbitall to 100% from 33.3% after purchasing stakes owned by Citigroup (NYSE: C) and Unibanco, which at the time was an independent bank. Orbitall also provides its services to other large and medium-sized banks in Brazil.
Itaú Unibanco said the main reason behind the sale is that it no longer views card processing as one of its core businesses.