The new Elo Participacoes card is set to focus on low-income consumers who are not currently account holders at either Banco do Brasil or Bradesco. Bradesco and Banco do Brasil expect the new Elo card venture to gain 15 percent market share in Brazil in five years, when the market is forecast to surge to 800 million cards from 581 million now.
Bradesco will own 50.01 percent of the new venture, and Banco do Brasil 49.99 percent. The new card venture is expected to start its operations in six months and generate USD 566.6 million in savings in five years.
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