Itaú and MasterCard Sign Agreement That Expands Relationship

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 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.