Banco Bradesco S.A. (BOVESPA:BBDC4) and Banco do Brasil S.A. (BOVESPA:BBAS3) reportedly are in talks to buy Citigroup Inc. (NYSE:C)'s stake in a credit card processing joint venture with Elavon Inc., a source with knowledge of the negotiations said on January 9, 2016. The acquisition could be closed by February 2016, by Bradescard Elo Participações S.A., the source said, asking not to be named because the discussions are confidential. Citigroup owns 49.9% of the Elavon do Brasil venture.

Representatives for Bradesco, Banco do Brasil and Citigroup declined to comment on the talks, which were first reported in January 9, 2016, edition of Estado de S.Paulo. The newspaper did not say how it got the information.