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February 27, 2008 |
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UNIAO DE BANCOS: To Expand Points of Sale Network by 400 Units Uniao de Bancos Brasileiros S.A. will expand its network of points of sale, directly or through its subsidiaries, by approximately 400 units in 2008 and 2009, including branches, corporate-site branches and points of sale within retail partners and, also, revitalize its already existing distribution network. Unibanco estimated that the expansion, occurring during 2008 and 2009, will require the hiring of approximately 5,000 new employees. Unibanco projected that the Expansion will involve approximately 60% of the capital expenditure in 2008 and 2009, with an impact in personnel and administrative expenses. Unibanco expected a 7% to 12% increase in its total personnel and administrative expenses in 2008 as compared to 2007. The objective of the expansion is to increase the scale and reach of distribution of retail financial products offered by Unibanco, in line with the continuous goal of creating value for its shareholders. All of the measures necessary for the achievement of the Expansion will be carefully evaluated by the relevant internal departments, which will take into consideration Brazil's economic and market conditions during the period of its fulfillment, so as to reach conscientious and responsible decisions, as always with the goal of preserving the rights and interests of Unibanco's clients and shareholders. About Unibanco Headquartered in Sao Paulo, Brazil, Uniao de Bancos Brasileiros SA -- http://www.unibanco.com/ -- is a full-service financial institution providing a range of financial products and services to a diversified individual and corporate customer base throughout Brazil. The company's businesses comprise segments: Retail, Wholesale, Insurance and Pension Plans and Wealth Management. Uniao de Bancos and its associated companies FinInvest, LuizaCred, PontoCred and Tecban (Banco 24 Horas) offer a network composed of 17,000 points of service. It also counts on 7,580 automated teller machines and all 30 Hours' products and services, including the telephone service and the Internet banking. The company's international network consists of branches in Nassau and the Cayman Islands; representatives offices in New York; banking subsidiaries in Luxembourg, the Cayman Islands and Paraguay; and a brokerage firm in New York -- Unibanco Securities Inc. * * * To date, Standard & Poor's Ratings Services rated Unibanco-Uniao de Bancos Brasileiros SA's long-term foreign issuer credit rating and local issuer credit rating at 'BB+'. |
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