Itaú And MasterCard Sign 20-year Agreement - Quick Facts

(RTTNews) - Itaú and MasterCard (MA) announced the signing of a new 20-year agreement that further strengthens the long-term relationship between the two companies.

As part of the agreement, Itaú and MasterCard will establish and operate a new electronic payments network in Brazil.

In addition, Itaú will issue payment solutions including credit, debit and pre-paid cards as part of the newly created payments network and focus on enhancing the efficiency of their payment value chain.

MasterCard will be responsible for managing the operations of the new network and transaction routing.

The realization of the strategic agreement is subject to approval by regulatory authorities involved.