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Central bank OKs Banco do Brasil's purchase of bank

Tue Mar 10, 2009 7:26pm EDT

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BRASILIA, March 10 (Reuters) - Brazil's central bank on Tuesday approved state-run Banco do Brasil's purchase of Nossa Caixa, a commercial bank owned by the state of Sao Paulo.

Banco do Brasil (BBAS3.SA) agreed to buy Nossa Caixa (BNCA3.SA), a large public bank, in November 2008 for 5.39 billion reais ($2.29 billion), spurring further consolidation in the banking sector of Latin America's biggest economy.

"The central bank concluded that the operation does not jeopardize competition in the (national financial) system," the central bank said in a press release. ($1=2.349 reais) (Reporting by Isabel Versiani; Writing by Ana Nicolaci da Costa, Editing by Leslie Gevirtz)



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