Banco do Brasil has selected Fiserv to provide core banking technology for a new US unit that will focus on providing services to Brazilian immigrants.
Subject to regulatory approval, Banco do Brasil is launching a new financial institution - called Federal Savings Bank - and plans to open five branches over the next few months, offering deposit accounts and mortgages to Brazilian immigrants residing in the US.
Banco do Brasil will deploy the Premier core banking system from Fiserv's Information Technology Inc (ITI) division to support the launch of the new institution and has also signed for other Fiserv applications for credit processing, enterprise risk management, lending and ATM and debit processing.
Leonard Whyte, deputy general manager, Banco do Brasil, says: "This market is an obvious niche for the bank, and we chose Fiserv and ITI because they have a strong reputation for supporting clients serving niche markets.