Deutsche Bank and Itaú Unibanco today announced a strategic partnership to jointly expand their remittance offering to and from Brazil.
Specifically, Deutsche Bank is extending its remittance services to include a new corridor in Brazil. Through Deutsche Bank's partnership with Brazil's Itaú Unibanco, a leading bank in Latin America and globally, Brazilian workers worldwide are able to send US dollar and euro payments to Brazil. Remittance beneficiaries will be able to receive account credits or pick up cash at more than 3,300 Itaú Unibanco´s locations.
According to the World Bank, Brazil received an estimated USD 4.9 billion in remittance payments from overseas workers in 2009 and has seen consistent growth in these figures over the past 10 years.
Paul Camp, Head of Cash Management Financial Institutions, Global Transaction Banking, Deutsche Bank, said, "Our expanded offering in Brazil is a key step forward for a more robust remittance strategy globally. We are dedicated to growing our remittance business and are extremely pleased to be leveraging Itaú Unibanco´s excellence in retail banking to bring Brazilian remittance payments capabilities to financial institutions around the world. With this new solution, our global client base can safely and effectively send remittances into Brazil via Deutsche Bank."
"Deutsche Bank is a key partner for Itaú Unibanco group and this new agreement will leverage our existing cash management relationship, by expanding our remittance offering outside Brazil", said Carolina Camargo, Head of International Banks division of Itaú BBA.