Despite statements by Brazil’s Justice Minister Luiz Paulo Barreto to Bloomberg yesterday regarding the government’s intention to exert greater control over the credit card industry, we continue to stand by our judgment that sweeping regulatory changes that could have a significant impact on the revenue streams of Brazilian credit card companies Cielo and Redecard will likely take place only in H2/11 at the earliest, with the passage of congressional legislation. After Barreto’s...
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