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Brazil's Banco do Estado de Sergipe injects 22M reais into card unit

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Brazil's Banco do Estado de Sergipe injects 22M reais into card unit

Banco do Estado de Sergipe SA made a capital contribution of about 22.0 million Brazilian reais into its card administration subsidiary, Sergipe Administradora de Cartões e Serviços Ltda, or SEAC, thus increasing its stake to 49.75%.

The bank, also known as Banese, said it subscribed 178,137 shares at a nominal value of 123.50 reais each, issued by the subsidiary, which will remain as a limited liability company.

SEAC is a data company that captures and transmits bank card transactions within the Brazilian states of Sergipe, Alagoas, Bahia, Pernambuco and Paraíba.

In November 2015, the bank's board approved an initial capital injection of up to 96 million reais into its bank card administration affiliate.

As of Aug. 31, US$1 was equivalent to 4.13 Brazilian reais.