SÃO PAULO--(BUSINESS WIRE)--
Itaú and MasterCard announced today the signing of a new 20-year
agreement that further strengthens the long-term relationship between
the two companies. As part of the agreement, Itaú and MasterCard will
establish and operate a new electronic payments network in Brazil. In
addition, Itaú will issue payment solutions including credit, debit and
pre-paid cards as part of the newly created payments network and focus
on enhancing the efficiency of their payment value chain. MasterCard
will be responsible for managing the operations of the new network and
transaction routing.
"This strategic alliance will allow us to focus on growing the issuing
and acquiring operations, especially as it relates to the new payments
network. This will offer access to new payment technologies, benefit
from economies of scale and efficiency, and capitalize on MasterCard’s
experience in managing leading payment brands," said Milton Maluhy
Filho, executive director of Itaú Unibanco. "We will continue working
with other networks to offer commercial and co-branded cards for the
consumer."
“Itau is not only one of the largest issuers in the market, but also an
important strategic partner for MasterCard. For many decades, we have
worked together to provide credit and debit cards to consumers and
businesses of all sizes,” said João Pedro Paro Neto, president of
MasterCard Brasil and Geo South. “As one of the leading technology
companies in the payments industry, MasterCard is the right company to
offer the best solutions to its partners.”
The realization of the strategic agreement is subject to approval by
regulatory authorities involved.
About Itaú Unibanco
Itaú Unibanco is one of the largest banks on the planet,
with approximately 93,000 employees and operations in 19 countries
throughout the Americas, Asia and Europe. It is a universal bank with a
range of services and products serving the most varied client profile –
both individuals and companies of all sizes, from major transnational
groups to local micro-entrepreneurs. In Brazil, Itaú has nearly
5,000 full-service branches and nearly 30,000 ATMs.
Itaú Unibanco is recognized for its governance practices and management,
which is focused on the generation of economic, social and environmental
value. With shares trading on the São Paulo (BM&FBovespa), Buenos Aires
and New York stock exchanges, the company has been a component of the
Dow Jones Sustainability World Index portfolio for the past 15 years.
About MasterCard
MasterCard (NYSE:
MA), www.mastercard.com, is
a technology company in the global payments industry. We operate the
world’s fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in more
than 210 countries and territories. MasterCard’s products and solutions
make everyday commerce activities – such as shopping, traveling, running
a business and managing finances – easier, more secure and more
efficient for everyone. Follow us on Twitter @MasterCardNews, join
the discussion on the Beyond
the Transaction Blog and subscribe for
the latest news on the Engagement
Bureau.
Source: MasterCard Incorporated