The Brazilian state-run bank Caixa Economica Federal, the state-controlled Banco do Brasil SA and private bank Banco Bradesco SA have signed a memorandum of understanding to jointly operate the recently created credit card company ELO, reports Dow Jones.
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ELO was founded this year by Banco do Brasil and Bradesco, the country's second-largest private bank in terms of assets, to compete locally with Visa Inc. and MasterCard Inc.
At a press conference, Banco do Brasil President Aldemir Bendine said on Monday that the three banks will hold equal shares in ELO.
