January 10, 2008
DFI - Visa, Inc. Approved for Investment Pursuant to Financial Code 14653.5
Several credit unions recently inquired about the conversion of their membership interests in Visa, U.S.A. into shares of restricted common stock of Visa, Inc. In this letter, Acting General Counsel Kenneth Sayre-Peterson explains why approval of the Commissioner is necessary and confers a blanket approval on all of the individual credit union investments in the restricted stock of Visa, Inc. that resulted from the conversion of ownership interests in Visa, U.S.A. held by state-chartered credit unions.
Please note: this approval applies only to the ownership of restricted stock resulting from the conversion of Visa, U.S.A. member interests. The approval should not be construed as authorizing any investment in other shares of Visa, Inc., including, but not limited to, common stock that will be issued in the initial public offering of Visa. If any credit union wishes to invest in unrestricted common shares of Visa, Inc., it must apply to do so. This approval should not be interpreted as an indication that the Commissioner has or will approve such an application.
If you have any questions, please refer to the letter or contact Kenneth Sayre-Peterson at (916) 322-1570, or email@example.com.