Latin American bank Banco Itau and international card giant American Express have formed an alliance, which will see Banco Itau issuing cards with the ability to be accepted on the American Express network. The cards will feature the bank's branding and include the American Express logo.
Under the terms of the agreement, Banco Itau will issue and market the cards through its extensive distribution network, which includes more than 3,000 banking centers in Brazil. It will also be responsible for billing, customer service and charge authorizations. Banco Itau will own the customer loans and receivables.
This agreement strengthens Itau’s strategy to offer segmented products and services for our high-spending, affluent customers, with a third credit card brand option, said Fernando Chacon, Itau’s Credit Cards Marketing director. This partnership enriches our position in the Brazilian credit cards market, and strengthens our competitive strategy. Cardholders will have access to a broad range benefits, as well as special offers from American Express merchants worldwide.