Brazilian Bonsucesso forges partnership with Correios
The Brazilian bank Bonsucesso has signed a contract with the mail & express service company Correios to offer credit with discount in payroll for 103,000 workers. The company will compete with another banks who provide this service to Correios such as Alfa, HSBC and BMC. Bonsucesso may increase the credit portfolio by 20% with this move, from R$100mil to R$120mil, since Correios will be its major partner. The group has been operating credit with discount in payroll services over the past five years and has formed more than 30 partnerships with private companies and around 50 with state-owned companies. Bonsucesso, which is based in Minas Gerais state, has been active in Rio de Janeiro since 2001 and in Goias since 2002. It opened an office in Sao Paulo city last year, when it inked a deal with the government and set up offices in Petropolis and Teresopolis (Rio de Janeiro state) and in Salvador (Bahia state). Bonsucesso operates in Alagoas, Parana and Maranhao states as well. It predicts a 50% increase in the overall credit portfolio. Bonsucesso has been active over the past 11 years in the corporate market counting on the support of the national development bank BNDES (Banco Nacional de Desenvolvimento Economico e Social).
