So at that time the business was about making the banks issuing MasterCard brand cards. This was the main objective of Redecard and having the cards on the market, the stores and the commerce in general would be very interested in having the cards accepted there and so it would be very easy to Redecard to affiliate those cards.In this environment for sure Redecard had a very strong pricing power because of the exclusivity; but then the company went to an IPO in July 2007 under these market conditions and by the way at that time a lot of comments were made during the offer about the risk of those things changing in the future. At the IPO itself, MasterCard sold its total stake in Redecard. In November 2008 or a little bit more than one year after the IPO, Itaú and Unibanco announced the merger. And in March 2009 Citi decided to sell its stake in Redecard and Itaú Unibanco decided to acquire only 6% of those in order to achieve the controlling shareholder – to be the controlling shareholder of Redecard.
Itau Unibanco's CEO Discusses Redecard's Public Tender Offer (Transcript)
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