Brazil's Itau Unibanco, Mastercard to create payments network
SAO PAULO, March 16 Mon Mar 16, 2015 9:00am EDT
(Reuters) - Itaú Unibanco, Brazil's largest lender by market value, has agreed with Mastercard Brasil to set up a new electronic payments network, the bank said in a securities filing on Monday.
The new network will be operated by a company controlled by Mastercard and in which Itaú Unibanco will have certain veto and approval rights. The agreement will last 20 years, the bank said. (Reporting by Luciana Bruno; Editing by Chizu Nomiyama)
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