Brazil Banks Form Company to Integrate ATM Machines, Valor Says
Banco do Brasil SA, Banco Bradesco SA (BBDC4), Caixa Economica Federal (CEFN3) and Banco Santander SA (SAN) are in final negotiations to create a company to link together and operate their ATM machines, Valor Economico reported, citing unidentified people involved in the talks.
The banks also plan to generate income by loaning the ATMs to other financial institutions, according to the Sao Paulo- based newspaper.
The new company, which is expected to begin operations in the first half, will compete with Tecban SA, in which Banco do Brasil, Bradesco and Santander hold a stake, Valor said.
Tecban declined to comment, according to Valor.
To contact the reporter on this story: Karen Eeuwens in London at keeuwens@bloomberg.net
To contact the editor responsible for this story: Helder Marinho at hmarinho@bloomberg.net
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