Spanish-owned Banco Bilbao Vizcaya Argentaria is to launch an online banking operation in Brazil. The $130m start-up, Uno-e, based in Sao Paulo, is a carbon copy of the “virtual bank" launched by BBVA in Spain last February in partnership with Spanish telecoms giant Telefónica. The Brazilian operation is scheduled to go live before the year end.

BBVA is not the first bank to move online in Latin America’s largest nation. Bradesco, Brazil's biggest bank, claims to be the world's third largest e-banking operation with 1.3m regular users; while the third-largest, Unibanco, says that 400,000 of its 1.3m customers now bank online.

News source: Financial Times