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Fidelity National Information Services, Banco Bradesco and Banco ABN AMRO Real Form Joint Venture to be Largest Third-Party Card Services Provider in Brazil.

Article Excerpt
JACKSONVILLE, Fla. and SAO PAULO, Brazil, March 28 /PRNewswire-FirstCall/ -- Fidelity National Information Services, Inc. , a leading provider of technology services to financial institutions around the world, Banco Bradesco S.A., the largest private bank in Brazil, and Banco ABN AMRO Real today announced the signing of a definitive agreement to form a joint venture company to provide comprehensive, fully outsourced credit and prepaid card processing services to Brazilian card issuers. This partnership also includes processing and services for Visa Vale, a leading provider of prepaid meal vouchers to the Brazilian market. This joint venture will position Fidelity as the leading third-party card processor in Brazil.

The joint venture is expected to generate revenue of approximately U.S. $2.0 billion over the next 12 years. Once the card portfolios are fully converted, profit margins are expected to be consistent with overall company margins.

The new company, which will be named Fidelity Processadora e Servicos S.A., will provide Brazil's most comprehensive range of card processing and support services, including call center management, back office support, card transaction processing, risk management and collection services.

Fidelity expects to convert all card portfolios over the next 24 months. Once the conversions are completed, Fidelity will process over 20 million cards in Brazil,...