STXNEWS LATAM-Brazil's biggest banks agree to expand shared ATM network

Fri Jul 18, 2014 11:35am EDT

Seven of Brazil's biggest banks said on Friday they had reached a deal to expand their shared ATM network, Banco24Horas.

Banco do Brasil SA, Itaú Unibanco Holding SA , Banco Bradesco SA, Banco Santander Brasil SA, Caixa Econômica Federal and the local units of Citigroup Inc and HSBC Holdings PLC announced a new shareholder agreement for ATM network operator Tecnologia Bancaria, or TecBan.

The banks gave no details of the investments or expected cost savings involved in converting some of their standalone ATMs into Banco24Horas kiosks over the next four years.

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