GAMBLING NEWS
Visanet in Brazil is planning to raise $3billion
Jul 1, 2009
The credit card market in Brazil has had an excellent growth with over 20% every year since the new currency was introduced during 1995. The reason for the new currency the Brazilian Reais was the that the inflation skyrocketed with around 5000 percent every year in the early 90’s. The New currency was pegged to the US Dollar. The growth of the credit card usage around the country is pointing towards a good escape of the economic recession that hit the world in the last quarter during last year.
The Visa card provider and affiliate in brazil are in need of new investors to keep the production of cards as well of the credits up so in a press release the Shareholders of CIa. Brasiliera de Meios de Pagmentos which is the processor of all payments done with Visa in brazil has set a goal to raise somewhere in between $2.9 to $3.6 billion to keep the expansion of the world wide Visa network within Brazil. Visa Incs spokesperson said that the outlook for Brazil is great and the usage of credit card will expand with even greater pace when Brazil is heading out of the recession.
The shareholders have received several offerings from different investors during the last few weeks and most of the 31 offerings are from global financial institutes. The investment in the Visa network in brazil is anticioated to be the largest investment in the Brazilian financial sector. This is in a time where the Brazilian economy is on a strong move forward. This quarter the Brazilian stock index Bovespa reached a respectful 21 percent growth which makes a total increase of the stock market with a record breaking 41%.
