Business & Banking

Business & Banking

BSCH Takes Full Control of Banespa Latin America's largest foreign bank, Spain's Banco Santander Central Hispano (BSCH), has spent a further $1.1 billion to purchase outstanding shares in Banco do Estado de São Paulo (Banespa) held by the public. Last December, BSCH paid $3.55 billion for a majority of the bank's voting stock in a privatization auction. Those shares are equivalent to only 30% of Banespa's total equity. The successful April tender offer raises BSCH's stake in Banespa to 97.1% and raises the full acquisition price to $4.65 billion. This amount excludes heavy investments the bank is making in new information technology systems and severance pay packages. Before the acquis

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