Deutsche Bank today announced its appointment as depositary bank for the sponsored Level I American Depositary Receipt (ADR) program of Cielo S.A. (formerly VisaNet) (BOVESPA: CIEL3).
Cielo S.A. is a leader in Brazil’s payment cards industry, responsible for acquiring merchants and managing the card acceptance network for the Visa brand in Brazil, in addition to capturing, transmission, processing and settlement of credit and debit card transactions using the Visa brand. Apart from the traditional electronic payment products and services, the Company has a track record of providing innovative solutions in segments that bring synergies to its operations and was the first to provide a correspondent banking network, prepaid mobile phone credits, electronic vouchers and Troco-Fácil, as well as the capture and processing of electronic transactions not involving payment, such as connectivity and authorization of transactions in the health segment.
Cielo has the largest domestic coverage in the Brazilian merchant acquiring and payment processing industry, with approximately 1.7 million affiliated merchants, present in almost 98.0% of Brazilian municipalities.*
Cielo’s ADRs will trade on the OTC, the symbol has not been assigned. The company’s ordinary shares are listed on the São Paulo Stock Exchange (BM&FBOVESPA) under the symbol CIEL3. Each ADR represents one ordinary share.
“The ADR program represents yet another alternative for investors and increases Cielo’s visibility outside Brazil,” said Romulo De Mello Dias, Chief Executive Officer and Investor Relations Officer at Cielo S.A.
“This transaction reflects the continued commitment of Deutsche Bank to the Brazilian market and demonstrates the confidence that leading Brazilian corporates, global leaders in their industry, are placing in the Deutsche Bank platform," said Bernardo Parnes, Managing Director of Deutsche Bank in Brazil.
Akbar Poonawala, Head of Global Equity Services (GES) at Deutsche Bank said, “We are very pleased to welcome Cielo as a Deutsche Bank depositary receipts client. We will work with the company to ensure its ADR holders receive the highest level of service.”
*Source: Cielo S.A.(February 2010)
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