JBS announces 'bank of cattle breeding'

Staff Reports

The Tribune

July 22, 2008

JBS S.A., the parent company of Greeley-based JBS Swift & Co., has announced it has created a "bank of cattle breeding."

With $18.7 million in starting capital, JBS Banco aims to help farmers develop production of bulls and cows, according to Meatingplace.com.

"We created this bank with products and services directed toward cattle breeding. Clients that will have accounts in this bank will need to prove to be a cattle producer," JBS President Joesley Batista told Meatingplace.com.

Batista said JBS also plans to establish similar banks in the United States, Argentina, Australia and Italy.

JBS has a cash flow of some $3.7 billion per year for cattle breeders in Brazil.

Regarding JBS's proposed acquisitions of Smithfield Beef Group, National Beef Packing Co., and Five Rivers Ranch Cattle Feeding, Batista expressed confidence that the U.S. Department of Justice would approve the deals.

"We have supported many American livestock associations, and our process is very consistent," he said. "Nobody invests $1 billion in an acquisition without doing his homework," Batista told Meatingplace.com.

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