Roundup: Bradesco BSP, ECS-Diebold agreement, Argentine subsidies

- Thursday, November 3, 2011

Roundup: Bradesco BSP, ECS-Diebold agreement, Argentine subsidies

Brazil's third largest bank, Bradesco (NYSE: BBD), has announced the formation of its BSP Empreendimentos Imobiliários unit, which will aim to consolidate and optimize its real estate management, a press release from the bank reads.

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ElectraCard Services (ECS), which provides solutions and operations support for electronic payment systems, and US self-service and security provider Diebold (NYSE: DBD) announced a new distribution agreement for Latin America and the Caribbean, ECS said in a press release.

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Diebold will provide sales, post-sales implementation and an onsite help desk for all supported regions, allowing ECS to expand rapidly into Latin America, the release reads.

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Argentina's government is planning to reduce existing gas, power and water subsidies that benefit banks, non-banking financial institutions, insurers and all other financial services providers.

This measure will also affect companies in the resource extraction, transport and telecoms sectors and would generate 600mn pesos (US$141mn) in fiscal savings.

The head of local banking association ADEBA, Jorge Brito, came out in support of the measure, saying it will help to reduce public spending and provide subsidies to those who really need it, according to a report in local financial daily Cronista.