Bank Boston Banks on Internet to Double Clientele

Bank Boston Brasil aims to double its client base over the next three years based on its US$15-20mn annual ebanking investments, company president Geraldo Carbone told local press. To reach the goal, Bank Boston Brasil would have to capture a 20-25% share of the high-income segment (consisting of 1.3 million families with monthly incomes of US$3,800), which next year would mean signing up 3,500-4,000 new accounts per month, he said. But rather than increasing its 64-strong branch network, the bank is looking to bring in new online clients. "The public (in Brazil) that uses the Internet is the same as Bank Boston's. I don't have to convince anyone to start using the Internet in order to do business with me," Carbone said.