Business: Cielo may be losing market share to Redecard, prepayment segment anemic

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Banking News - Monday, February 8, 2010

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* Cielo may be losing market share to Redecard, prepayment segment anemic - Raymond James - Brazil

Brazilian card processor Cielo may be losing market share to rival Redecard and is still showing anemic growth from its prepayment receivables business, according to a report on its 4Q09 earnings from Raymond James (NYSE: RJF).

Cielo had recurring net income of 442mn reais (US$235mn) in 4Q09 for a 77.5% increase from 4Q08, while Redecard, the card processor and acquirer controlled by Itaú Unibanco (NYSE: ITUB), posted net income of 401mn reais, up 5.7% in the same comparison.

Despite the stron ... more
http://www.bnamericas.com/news/banking/Cielo_may_be_losing_market_share_to_Redecard,_prepayment_segment_anemic_-_Raymond_James/173298785

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* Manuel Méndez del Río PiovichChairman - Fundación Microfinanzas BBVA<p><em>For the past three decades, Fundación Microfinanzas BBVA has been dedicated to promoting microfinancial development in Latin America by creating entities that provide loans for those una... more

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