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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.570-4.5%Dec 26 9:30 AM EST
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To: Madharry who wrote (9586)11/11/1998 3:24:00 PM
From: Steve Fancy  Read Replies (2) of 22640
 
Spain's Santander owns 100 pct of Brazil unit

Reuters, Wednesday, November 11, 1998 at 14:49

SAO PAULO, Nov 11 (Reuters) - Spanish financial group
Grupo Santander (MADRID:SAN) said Wednesday it has increased
ownership in its Brazilian unit to 100 percent with an
investment of $214 million.
Santander said it bought the shares of its minority
partner, local construction group Camargo Correa, to take full
control of Banco Santander Brasil SA.
Santander said in a statement that it also transferred $183
million from the existing capital of Banco Santander de
Negocios SA (Brazil) to Banco Santander do Brasil.
Santander built its Brazil operations out of the
acquisitions of two medium-sized local banks, Banco Geral de
Comercio and Banco del Noroeste.
Santander initially acquired 51 percent of Geral de
Comercio's voting shares and 49 percent of preferred shares,
increasing its total stake to 61 percent in July 1998 with a
capital subscription of $120 million.
The Brazilian government gave Santander permission last May
to raise its stake to 100 percent by purchasing the Camargo
Correa shares.
Santander is now the seventh largest private financial
group in Brazil by assets and sixth largest by deposits with
550,000 clients.
It has 448 points of sale, primarily located in the
Southeast and South.

Copyright 1998, Reuters News Service
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