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Bradesco announces the purchase of a financial institution in Mexico

Bradesco announced this Thursday (25) the acquisition, through its subsidiary Bradescard México, of Ictineo Plataforma, a popular financial institution (Sofipo) that works with individuals in Mexico.

The value of the deal was not disclosed. In a press release, the bank says that the acquisition includes a local regulatory license through which it will be possible to act as a financial institution.

“The deal will allow access to regulatory authorization to distribute new products in Mexico,” says the bank.

The completion of the transaction is subject to approval by the authorities in Mexico (CNBV – Comisión Nacional Bancária y de Valores) and in Brazil (Banco Central).

According to the bank, Bradescard México is currently one of the main consumer credit finance companies in the retail chain segment, but does not have a license to operate in other financial business fronts as it operates as a limited liability company in Mexico.

“The acquisition of the institution Ictineo Plataforma will open up a new front for financial businesses with high growth potential in Mexico, a country with several attributes, such as the fact that it is the second largest GDP in Latin America”, says Octavio de Lazari Junior, president from Bradesco in the note.

According to the executive, the purchase is of particular interest to the bank due to the knowledge acquired in that market with Bradescard, which has been in Mexico for 12 years.

“We manage around 3 million card customers from large retail chains. We will be able to expand our operations by becoming similar to a digital bank with the aim of gaining a more robust presence in a relevant market such as Mexico”, concludes Lazari.

The director of Bradescard Mexico, Alexandre Monteiro, says that the focus will be on a digital strategy for Bradescard Mexico.

“The first step will be to offer the digital account, the payroll loan, and the investment account”, he says. “It is a relevant move to consolidate Bradescard in the Mexican financial market”.

In the credit card segment, in five years, Bradescard expects to be among the largest card issuers in Mexico, expanding the number of commercial agreements with new retailers and strengthening the digital distribution channel with important investments in technology.

Source: CNN Brasil

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