Brazil Banks Forge ATM Alliance

Banco Santander, Banco do Brasil and Bradesco have agreed to consolidate their outdoor ATM machine networks. Together they include about 11,000 machines located in airports, gas stations, supermarkets, shopping malls, drugstores and bus terminals. Statements from the banks indicate that the move will increase the networks’ cost efficiency and provide better access for clients. A new brand will be created for the merged ATM networks. The banks expect to conclude the deal in 5 months.