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27/01/2011 -
Visa recently announced that its subsidiary, Visa International, will sell its 10 percent stake in Visa Vale issuer CBSS for approximately $100 million.CBSS will now be in the hands of Banco do Brasil and Bradesco, but Visa will maintain a strong commercial relationship with the company that focuses on benefit and prepaid cards. CBSS will continue to issue Visa Vale cards and the firms expect no disruption in cardholder services because of the sale.
"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. "Expanding the use of prepaid cards is an important part of our business strategy and will complement our plans for continued investment in Brazil."
Around the world, Visa offers a payment processing service for companies that distribute prepaid cards. The program supports a variety of reloadable and non-reloadable prepaid card products, including gift, incentive and payroll cards. These cards are also accepted at the millions of locations across the globe that take Visa.
The day before the sale, Visa's shares closed at $71.58 on the New York Stock Exchange, according to Reuters.
