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February 11, 2008 |
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BANCO DAYCOVAL: Gets Central Bank OK to Open Branch in Cayman Banco Daycoval S.A. obtained permission from Brazil's central bank to open a branch in the Cayman Islands, Business News Americas reports, citing a company statement. According to BNamericas, Daycoval aims to access new sources of funding on better terms through its Cayman Islands branch as well as increase trade finance operations. The new branch will open with US$3 million in capital, the report says. November last year, the International Finance Corp. provided Banco Daycoval with a US$115 million five-year loan with interest payable every six months, Telma Marotto of Bloomberg News relates, citing a company filing with the Brazilian Securities and Exchange Commissions Web site. Headquartered in Sao Paulo, Brazil, Banco Daycoval started its activities in 1968, with the creation of Daycoval DTVM and Valco Corretora de Valores. Brothers Ibrahim and Sasson Dayan control the bank. It is the core business of its shareholders and specialises in financing small- and medium-sized companies, backed by receivables. It also operates with consignment lending for payroll deduction and consumer financing. Since June 2007, the bank has had 29% of its shares traded at Bovespa on the New Brazilian Stock Market. These shares enjoy a tag- along privilege, giving minority shareholders 100% of the value of the block of controlling shares in the event of the sale of the institution. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 27, 2007, Fitch Ratings placed Banco Daycoval S.A.'s Long-term foreign currency Issuer Default Rating at 'BB-' and Long-term local currency IDR at 'BB-' with a Stable Outlook. |
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