CHG-MERIDIAN AG
CHG-MERIDIAN AG: CHG-MERIDIAN receives license to operate in Brazil
CHG-MERIDIAN AG / Key word(s): Regulatory Approval/Strategic Company Decision CHG-MERIDIAN receives license to operate in Brazil – Government banking license issued after intensive lead time – CHG-MERIDIAN plans to exploit further opportunities for growth in South America – Branch in São Paulo opens with staff of nine employees
Weingarten/São Paulo, April 04, 2013
"The entry in the Brazilian market is an important step within our international growth strategy, not only because of many German costumers that increasingly push their expansion path in South America, as well as we do", said CHG-MERIDIAN CEO Jürgen Mossakowski when the Brazilian government confirmed that it had awarded the license. Since 2010, the company had been preparing to enter the market. After the approval from the central bank and the finance ministry, now CHG-MERIDIAN received the final issuance of the license by the Brazilian government. During that time, a team of about nine employees, headed by Roberto Mussalem, Vice President Sales and Luiz Nali, Vice President Finance was gradually established, and it has been instrumental in preparing for the market launch. Out of the branch in São Paulo, CHG-MERIDIAN's globally successful business model will be now rolled out in Brazil: Instead of companies purchasing IT equipment such as PCs, Notebooks or servers and then having to write them off, technology assets are financed on the basis of fixed-term license agreements. After a useful life appropriate to the type of technology, the assets are then remarketed by CHG-MERIDIAN. The company has not disclosed exact details about the volume of its capital expenditure, but according to Jürgen Mossakowski, growth is a foregone conclusion. "South America is a fast-growing market that increasingly offers opportunities for foreign investors. I am confident that we will find our niche in this high-growth region," said Mossakowski. Last year, CHG-MERIDIAN pursued its strategy of international growth by gaining a further foothold in Mexico, where its strategic measures included the full integration of its Mexican joint venture, CHG-MERIDIAN México S.A.P.I. de C.V, into the Group. The Mexican entity employs around 70 people.
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