Telefonica shifts LatAm HQ from Madrid to Sao Paulo

According to a report by RCR Wireless, Spanish telecoms giant Telefonica has moved its Latin American headquarters from Madrid to Sao Paulo. ‘Brazil is key for the Telefonica Group, and moving our headquarters from Madrid to Sao Paulo shows the country’s importance,’ CEO Cesar Alierta told members of the press after the new building’s official opening ceremony. The change in headquarters has been rumoured since the middle of 2012, but going forward, Telefonica will maintain two separate operational structures in Brazil – one for its local operations and another for the rest of Latin America. In 4Q12 the Latin American region generated more than 50% of the company’s revenues, underlining its strategic importance.