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Machado Meyer and Pinheiro Neto sign tech supply for Brazilian credit bureau

Por: Latin LawyerImprimirVisualizar em PDF

Machado Meyer Advogados has advised LexisNexis Risk Solutions (LNRS), the US technology provider chosen to supply its services to a newly established credit bureau formed by some of Brazil's largest banks, after more than three years of negotiations.

The credit bureau, called Gestora de Inteligência de Crédito (GIC), is formed by Banco do Brasil, Caixa Econômica Federal, Bradesco, Itaú and Santander. Pinheiro Neto Advogados is long-standing adviser to the joint venture.

LNRS's new role will see it collect, process, and generate credit risk reports and other products for GIC. The deal marks one of the largest transfers of technology from abroad into Brazil.

GIC is a database of credit information on companies and individuals that contains information on consumers who pay their debts on time. In doing so, it aims to facilitate lending and reduce the cost of credit. It is expected to begin operating in 2019.

The value of the deal between GIC and LNRS has been kept confidential. The parties signed agreements governing software development, delivery and implementation and the provision of long-term related services, as well as IP agreements. Machado Meyer advised LNRS on the transaction documents, as well as tax, regulatory and IP matters.

The deal closed on 5 October. On the same date, the five banks backing GIC signed capitalisation agreements for the joint venture. Each bank has a 20% share.

Counsel to LexisNexis Risk Solutions

Machado Meyer Advogados

Partners Elton Minasse and Ricardo Maitto

Counsel to Gestora de Inteligência de Crédito, Banco Bradesco, Banco do Brasil, Banco Santander (Brasil), Caixa Participações and Itaú Unibanco

Pinheiro Neto Advogados

Partner João Marcelo Pacheco, counsel Sofia Toledo Piza, and associates Larissa Galimberti, Renato Grecco and Beatriz Laterza Figueiredo

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