Brazil's biggest private sector lender Itaú Unibanco Holding SA said its ca...
FILE PHOTO: A man walks past an Itau Unibanco logo in Rio de Janeiro, Brazil September 6, 2017. REUTERS/Pilar Olivares/File Photo
Rede CEO Marcos Magalhães told Reuters Itaú decided to advance payments to merchants in as little as two days, compared with the usual 30-day period, in order to close the gap with international practices. The decision is effective May 2 and includes zeroing interest rates. After Itaú’s move, shares in Brazilian card processors such as Cielo SA, PagSeguro Digital Ltd and StoneCo Ltd tanked, as their profits are likely to drop if they decide to follow Rede’s new practice in order to retain clients.
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