During a press conference for the launch of m-payment services in Brazil, Antonio Carlos Valente, Telefónica Brazil’s CEO, confirmed that the Spanish telecom giant is moving its Latin American headquarters from Madrid to São Paulo.
Although Valente did not release many details, he did say that the company is moving people from Spain and other Latin American countries to work in São Paulo. About 100 people are expected to arrive during 2013.
Valente also said that Telefónica will maintain two separate structures, one for Brazil and another for the rest of Latin America. This is a customary layout for many multinational companies.
The move was expected. Earlier this week, the Spanish newspaper El Pais posted a story noting that Telefónica was planning the change. According to the report, Telefónica managers have come to the conclusion that coordinating and managing Latin American operations under Spanish time is not efficient, and the distance from Madrid also complicates travel to the region.
Telefónica is expected to operate from three global centers: Madrid for its European business and corporate services group; London for Telefónica Digital; and São Paulo for Telefónica Latin America.
Another major move for Telefónica’s Latin American operations is a possible initial public offering on the New York Stock Exchange. When contacted by RCR Wireless News, Telefónica’s public relations representatives said there has been no decision made yet, but they did confirm that an IPO is among the possibilities that the telecom operator is evaluating at the moment.
