Visa International has claimed it will focus
on the issuance of benefit and prepaid cards with Brazil-based
issuer CBSS after selling off its 10% stake in the company to Banco
do Brasil and Bradesco.
Visa’s proceeds from the sale are expected to
be approximately $100m. It is claimed CBSS is to continue to issue
Visa Vale prepaid cards and the card scheme predicts there will be
no disruption to cardholder service as a result of this
transaction.
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“We have successfully delivered on our
objective to grow the Visa Vale platform in Brazil through our
strategic partnership with CBSS,” said Ruben Osta, country manager
for Visa do Brasil.
“This is an example of Visa’s long track
record in employing strategic investments to help drive growth in
emerging categories. Expanding the use of prepaid cards is an
important part of our business strategy and will complement our
plans for continued investment in Brazil, one of our fastest
growing markets.
“We will continue our solid partnership with
CBSS, while evaluating opportunities to grow the Visa Vale
brand.”
The sale is subject to regulatory approval by
Brazil’s Conselho Administrativo de Defesa Economica/Council for
Economic Defence.
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