Citibank to Boost Stake in Credicard

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00008106-citibank-to-boost-stake-in-credicard/

NEW YORK – Citigroup Inc., the world’s largest financial services firm, said Monday that Citibank Brazil will increase its ownership stake in Brazil’s Credicard to 50 percent from 33 percent.

Financial terms weren’t disclosed. Credicard Group, a Brazilian credit card company, is a joint venture between Banco Itau, Citibank Brazil and Unibanco.

Citibank said both the company and Itau will each increase their ownership of Credicard, the card issuing business, to 50 percent by acquiring all of Unibanco’s interest in the company. Itau will boost its stake in Orbitall, the card processing and servicing business, to 100 percent by purchasing all of Citibank’s and Unibanco’s shares. Credicard will continue to maintain its card processing and servicing at Orbitall.

For this complete story, please visit Citibank to Boost Stake in Credicard.

Citibank to Boost Stake in Credicard

Unknown Author

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