ABN Amro Buys Sudameris
Italy's Banca Intesa finally sold its
Brazilian subsidiary Banco Sudameris Brasil to
ABN Amro Holding of the Netherlands in April,
for R$2.29 billion ($741.5 million) in cash and stock. The deal
strengthens ABN Amro's São Paulo-based Banco ABN
Amro Real, the country's second- largest foreign-owned
bank. Intesa last year tried to sell Sudameris to Banco
Itaú, Brazil's second-biggest private sector
bank, for $1.4 billion but talks bogged down as the value of
the Brazilian real and financial assets slid. ABN agreed to pay
Intesa R$527 million in cash and R$1.77 billion in Banco Real
stock for 94.6% of Sudameris. ABN Amro plans to make a tender
offer for outstanding Sudameris stock on the São Paulo
Brazil Banks on Bonds
Investors are returning to Brazil in droves as political
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