August 1, 2019 / 8:55 PM / 6 months ago

Banco do Brasil mulls sale of stake in card processor Cielo -report

SAO PAULO, Aug 1 (Reuters) - Shares in the Brazilian card processor Cielo SA rose more than 15% on Thursday after newspaper O Estado de S. Paulo reported Banco do Brasil SA was considering selling its stake in the company.

Banco do Brasil and Banco Bradesco SA are controlling shareholders in Cielo, with 28.6% and 30% stakes in the company respectively. Cielo and Banco do Brasil did not immediately comment on the matter.

Card processor companies in Brazil are facing fierce competition as newcomers such as PagSeguro Digital Ltd and StoneCo Ltd are forcing long-established companies to slash prices. (Reporting by Carolina Mandl; editing by Jonathan Oatis)

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