Roundup: Cash is still king, interior ministry tender, Titularizadora Colombiana

Wednesday, March 30, 2011

A total 72% of Brazilians say cash continues to be their most commonly used method of payment, according to a recent survey by central bank BCB.

The survey also found that since 2007, Brazilians with a checking account have increased significantly, from 39% in 2007 to 51% last year. Credit card holders increased to 43%, from 35%, in the same comparison, and debit card holders to 43%, from 31%.

To read the full BCB survey, in Portuguese, go to this link

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The Chilean unit of Spanish banking group BBVA (NYSE: BBVA) on Tuesday (Mar 29) signed a contract it had won last year to manage the 391 checking accounts held by the country's interior ministry, a press release from the ministry reads.

The ministry launched a public tender for the accounts' administration last year, and seven banks presented bids. BBVA won with an offer worth 6.46bn pesos (US$13.2mn), of which 50% was paid Tuesday, and the remaining amount will be paid in 2013.

The ministry's accounts have a balance of 30bn pesos, and BBVA outbid its competitors with a 5.4% interest rate, the release reads.


Fitch has affirmed its ratings of Colombian mortgage-backed securities - known as TIPs - issued by local mortgage securitization company Titularizadora Colombiana, with a stable outlook, the ratings agency said in a press release.

The affirmed ratings reflect Titularizadora's transaction structure and credit-support mechanisms, which the company uses to make on-time payment of TIPs. The collateral and subordination levels, as well as the title guarantees, are adequate to comply with their timely payments, Fitch said.

To read the full press release, in Spanish, go to this link