May 3, 2019 / 12:36 PM / 3 months ago

Itaú Unibanco sees competition among card processors unlikely to cool down

SAO PAULO, May 3 (Reuters) - The CEO of Brazil’s largest private-sector lender Itaú Unibanco Holding SA said on Friday there is no sign that the fierce competition among card processors in the country will cool down.

Chief Executive Candido Bracher said the bank decided to reduce its 2019 targets for fee income and financial margins with clients after its card processor Rede decided to stop charging interest rates to advance payments for merchants who use its machines.

Reporting by Carolina Mandl Editing by Chizu Nomiyama

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