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Valor Economico 01/06/2011 - Vanessa Adachi and Aline Lima The victory of the Bank of Brazil yesterday, the auction to operate the Postal Bank and to use the 6,195 post offices and correspondent banks marks only the first round of a fight that starts now and opposes a federal bank and Bradesco, which until the end of the year continues to be the contract holder. The contest will take place around the approximately 5 million customers that Bradesco won the last nine years as operator of the Postal Bank.

BB takes the right to operate banking services in the network of Post Office for five years from 2012, but the customers are. Bank City God must therefore now begin designing its strategy to retain the maximum possible for these clients. The challenge is to establish a network to serve them satisfactorily. To

BB, on the other hand, the goal will steal many customers can. The network of post office still has a potential expansion of the depositors, but the BB will have to conquer at least part of those who today carry a card with the Bradesco brand if you want to maximize your results with the new business.

Bradesco know that inevitably lose some customers, because the BB has in its favor the fact that depositors are accustomed to service in the shops of the Post Office. Although

count with the possibility of losing the auction, the main scenario of Bradesco was the renewal of the contract. To mount its counteroffensive, the bank holds the seven key all the intelligence of the operation of Banco Postal, with the details of which stores are most profitable and which are not worth it. This information has not the Post Office.

Over the past year, Bradesco has built a network of correspondent banks - including bakeries, pharmacies and other stores - parallel to the post office. Only in the first quarter of 2011, the bank entered into partnership with the corresponding 1545, totaling 27,649 points in the network called Bradesco Expresso. Few municipalities outside this network.

Still, now you need to resize the network, increasing service points - often with opening of bank branches itself.
BB won the auction with a proposal to pay $ 2.3 billion, plus a fixed amount of $ 500 million to operate the network of post offices, totaling R $ 2.8 billion. Will also have to pass to the post office every half year of revenue from banking fees. Bradesco reached a bid of $ 2.25 billion in the auction. Although he lost by only $ 50 million, the private bank added $ 700 million on its original proposal. From there, estimated that the gains do not outweigh investment.

common shares of BB fell 0.88% and the preferred Bradesco rose 0.51%.

Analysts at Barclays and Fabio Roberto Attuch Zagatti say in the report, being convinced that market participants would prefer that the BB would have used the equity in the business rather than seek a new front. "Bradesco had in the past ten years, the opportunity to gain exclusive access to behavioral information, allowing you to gather as much data as possible to properly identify the customer map and postal bank more appropriate (and profitable) insurance products and to the demands of each region, "he emphasized. "The Bank Brazil, on the other hand, you have to start 'from scratch' and obviously will take some time to pack. "

At least the first year of operation of the contract with BB, the Post should see the transfer of revenues rates fall, although the announcement of the auction embed an average increase of approximately 40% of values \u200b\u200btoday charged in the Postal Bank.
Just because you start to operate the network of correspondents without customers, it will take time for the BB range the level of transfer practiced today by Bradesco. Currently, the Post receives about $ 350 million per year in fees, and with the adjustment, revenue would almost $ 500 million, since they retained the same basic customers.

Bradesco and BB did not grant interviews to comment on the outcome of the auction until the time of writing. In fact

sent to the relevant Securities Commission (CVM), the BB says, "Through this investment, the Bank of Brazil anticipates the implementation of strategic plan that aims to extend its service points for all municipalities." The analysts, executives of BB estimated that the payment by the Postal Bank will affect its rate of Basel negatively in only eight basis points. The bank ended the first quarter with a rate of 14.1%.

During the three months prior to the bidding Postal Bank, the executives of the Bank of Brazil sought to address the issue with apparent indifference. President Aldemir Bendine even said it had "not much interest" in the concession. Argued that BB was well served by their own base of correspondents and had a plan to be present in all municipalities by 2015, using a compact model agency. Pure misdirection.