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Brazil's postal service seeks new banking partnership as Banco do Brasil bows out

Banco do BrasilS.A. said it won't renewits agreement with the national postal service, Correios, for distribution of itsproducts and services through the latter's network that expires on Dec. 2.

Subsequently, Correios launched a bidding process to choose anew partner. Banks interested in participating in the bid have until Nov. 11 tosubmit their proposals, according to a notice published in the Oct. 6 edition ofthe country's official gazette, Diário Oficialda União.

In an Oct. 6 statement, Banco do Brasil said it "will considerits participation in that process, from the conditions set out in the public selectionnotice."

The renewal of the bank's partnership with Correios would havereportedly cost some 4.7 billion Brazilian reais for an additional five-year contract,but conditions were considered unfavorableamid Brazil's economic situation.

As of Oct. 5, US$1 wasequivalent to 3.23 Brazilian reais.