July 24, 2019 / 3:14 PM / a month ago

CEO of Cielo says competitiveness would improve if it were self-funding

SAO PAULO, July 24 (Reuters) - Brazilian card processor Cielo SA would be more competitive if it had its own sources of funding to finance merchants, company Chief Executive Paulo Caffarelli told journalists on Wednesday.

Caffarelli did not rule out asking the Brazilian central bank for a banking license, but said it would only be looked at in the future. Cielo has lenders Banco Bradesco SA and Banco do Brasil SA as controlling shareholders, but it does not own a bank. (Reporting by Aluisio Alves; writing by Carolina Mandl; editing by Jonathan Oatis)

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