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Banco do Brasil will expand its correspondent network throughout Brazil by potentially 70% by acquiring Banco Lemon's correspondent network, according to Banco Lemon. A banking correspondent in Brazil is a retail, postal or lottery outlet that offers access to certain financial services, such as bill payment or funds transfers, on behalf of financial institutions. Under the agreement between the banks, the 6,500 correspondents contracting with Banco Lemon may contract with Banco do Brasil directly, and Banco do Brazil will have exclusive contracts with the correspondents that choose to migrate to the institution. Banco Lemon no longer will operate a correspondent business and instead will focus its efforts in corporate credit transactions, according to the bank. Banco Lemon began contracting with correspondents in 2002, and Banco do Brasil began contracting with them in 2001.

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