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Bradesco, UFJ form partnership to offer ATM services

November 23, 2004

Bloomberg.com: Banco Bradesco SA, Brazil's biggest non-state bank by assets, said it formed a partnership with UFJ Holdings Inc., Japan's fourth-biggest lender by assets, to offer ATM services to Brazilian workers in Japan.

Bradesco said in a statement it will start offering ATM services to Brazilians in UFJ's branches. The service will begin Dec. 20 in 10 branches and later be expanded to UFJ's more than 450 branches in Japan, the statement said.

Bradesco is following in the steps of other Brazilian banks including Banco do Brasil SA and Banco do Estado de Sao Paulo SA that have opened branches in Japan to serve the approximately 300,000 Brazilians of Japanese descent. Banco Itau Holding Financeira SA, Brazil's biggest bank by market value, won in September approval to open a branch on Tokyo.

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