Brazil’s antitrust watchdog Cade approved a plan by some of Brazil’s largest commercial lenders to step up a network of automated teller machine managed by a jointly controlled company, the government’s official gazette said on Thursday. Cade approved the plan to ramp up the activities of Tecnologia Bancária SA, as the company is known, with no restrictions. Efforts to boost the Banco24Horas ATM network managed by TecBan, as the company is commonly known, are part of a strategy by commercial lenders in Brazil seeking to trim technology and distribution costs for the coming years.
Itaú Unibanco Holding SA is TecBan’s largest shareholder with a 25.94 percent stake, followed by Banco Santander Brasil SA with a 20.82 percent stake and Banco Bradesco SA with a 16.31 percent. Other shareholders include state-run Banco do Brasil SA, the Brazilian unit of HSBC Holdings Plc, state-run lender Caixa Econômica Federal and Citigroup Inc.
Under terms of the plan, shareholders of TecBan will substitute a significant part of the ATMs located in their own branches with Banco24Horas machines outside their branch network. The new ATMs will continue to be run by TecBan, the gazette said.