Brazil: Itaú expands credit card business

Samantha Pearson – Financial Times, 06/18/2013

No rest for Brazil’s biggest bank, Itaú Unibanco, it seems.

The lender announced late on Monday its $307m acquisition of a 51 per cent stake in Chilean retailer Cencosud’s credit card business in Chile and Argentina.

Itaú, which ranks as Brazil’s largest bank by market value, said it would provide funding for all of the business’s credit card loans in both countries, totalling $1.3bn.

Read more…