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Itaú strikes strategic partnership in employee benefits market

Itaú Unibanco Holding SA said it entered into a strategic partnership with Edenred Brasil Participações S/A, the parent company of Ticket Serviços SA, in the employee benefits market.

Under the deal, Itaú will make a minority investment of 11% in Ticket through a capital increase paid in cash and with the contribution of distribution exclusivity rights regarding Ticket Restaurante, Ticket Alimentação, Ticket Cultura and Ticket Transporte to Itaú's corporate clients during the term of the partnership.

Ticket has expertise in managing and developing employee benefit solutions, and the partnership will enable Itaú to add benefits issued by Ticket to the services and products offered to the bank's corporate clients in the wholesale, middle-market, very small and small companies segments, according to a press release.

The transaction, which is not expected to have any impact on Itaú's results in the current fiscal year, is subject to approval from Brazil's central bank and antitrust agency CADE.