Edenred has announced the closing of the strategic partnership communicated on September 5, 2018 between Ticket Serviços, its Brazilian subsidiary dedicated to Employee Benefits, and Itaú Unibanco, Brazil’s largest privately owned bank. Edenred received prior approval for the partnership from the Brazilian anti-trust authority (CADE) and the Brazilian Central Bank (BACEN). Itaú Unibanco will now exclusively distribute Ticket Serviços’ Employee Benefits to its corporate customer base in Brazil.
Digital leaders in their respective markets, Edenred and Itaú Unibanco are both recognized for their strong capacity to develop innovative digital solutions. Itaú Unibanco is a strong fit for Edenred in Brazil. It has one of the largest banking franchises in the country supported by its digital distribution channels. Itaú Unibanco also has a very solid base of Brazilian corporate clients, including a significant portion of SMEs. With the ramp-up of the partnership, Edenred is strengthening its existing sales channels and aiming to outperform the Brazilian employee benefits market in the coming years.
To further cement the business partnership, Itaú Unibanco will become a minority shareholder in Ticket Serviços, holding an 11% stake.