STXNEWS LATAM-Brazil's BicBanco denies takeover speculation
Banco Industrial e Comercial SA, a Brazilian mid-sized lender specializing in corporate credit, on Monday denied speculation that its largest shareholders are close to selling their stake in the bank. "Majority shareholders told the company that currently there are no binding agreements with third parties regarding a potential sale of control of the company," Milto Bardini, the bank's head of investor relations, said in a securities filing.
BicBanco, as the bank is known, said in August that "baseless market hubbub" over the lender's potentially eroding financial position sparked a decline in bond prices. Concern at the time mounted that the São Paulo-based bank was grappling with a souring credit market, a weakening economy and rising borrowing costs - things that Bardini denied in an earnings release on Aug. 14.