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Banco do Brasil to extend personal loans in partnership with fintech firm

Banco do Brasil SA has reached a partnership agreement with financial technology firm Bom Pra Crédito as part of the state-run bank's strategy to focus on digital distribution, Estadão reported.

The bank will initially offer personal loans through Bom Pra Crédito's website before it decides on expanding the product offering.

Bom Pra Crédito was founded in 2014 as a digital credit marketplace and has received credit applications from more than six million people, according to the report.

Thompson César, Banco do Brasil's director of customer service and channels, said the partnership will put the company in a better position to deal with increasingly fierce competition between banks and fintechs.