Banco Santander has completed its exit from
its joint processing venture in Brazil, Fidelity Processadora
e Servicos (FPS).
The bank, which has its own credit card processing unit, has
been rationalising its business in Brazil since acquiring ABN
AMRO’s operations in the country and merging it with its
existing operations there.
Santander’s withdrawal from the
partnership means Banco Bradesco’s ownership of the joint
venture has increased to 49 percent while FIS, a US-based
processor, maintained its 51 percent share.
Bradesco and FIS also signed a binding
memorandum of understanding (MOU) for a 10-year deal
which would see FPS process Bradesco’s 14 million bankcards by
the end of 2010. It will take the total number of cards
processed on behalf of all FPS clients to 40m.
“FIS has had a long-established card presence
in Brazil and this expanded relationship with Banco Bradesco
provides us with a significant opportunity to cultivate more
business in a region poised for continued growth,” said Frank
Martire president and chief executive officer of FIS.
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