Bradescard buys Mexican Ictineo to enter digital accounts in Mexico

The transaction will allow access to regulatory authorization to distribute new products in the country, which currently operates with credit cards in Mexico through Bradescard

Bradesco acquired through Bradescard México the financial institution Ictineo Plataforma, which works with individuals, in a step that will allow the bank to offer digital accounts in the country, said the institution in a press release this Thursday.

The acquisition value was not disclosed.

The transaction will allow access to regulatory authorization to distribute new products in the country, said Bradesco, which currently operates credit cards in Mexico through Bradescard.

“We will be able to expand our operations by becoming similar to a digital bank in order to gain a more robust presence in a relevant market such as Mexico,” said Bradesco’s president, Octavio de Lazari Junior, in the statement.

Lazari had said in November 2021 that Bradesco was considering expanding its digital banking operations to countries such as the United States and Mexico. At the time, he stated that Bradescard could be used as a platform for this purpose.

The completion of the transaction is subject to regulatory approvals in Brazil and Mexico.

Source: Época Negócios