March 26, 2020 / 4:57 PM / 14 days ago

Brazil's TIM partners with online lender C6Bank to offer financial services

SAO PAULO, March 26 (Reuters) - Brazilian wireless carrier TIM Participacoes SA said on Thursday it is partnering with online lender C6Bank to develop combined offers for their customers.

"The agreement also provides for the possibility of exploring sales and payment channels synergies, expanding the distribution of offers and optimizing costs," the local subsidiary of Telecom Italia SpA said in a statement.

In December, Chief Executive Pietro Labriola told journalists that TIM aimed at launching financial services to pre-paid customers in 2020.

The strategic deal with C6Bank is not a joint venture, but depending on the results of the partnership TIM may become a minority shareholder in the Brazilian online lender through a compensation mechanism, the carrier added.

Reporting by Gabriela Mello; editing by Diane Craft

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