January 18, 2013 / 11:29 AM / 5 years ago

Banco do Brasil in talks to increase stake in Banco Votorantim

SAO PAULO, Jan 18 (Reuters) - State-run Banco do Brasil SA is considering boosting its stake in Banco Votorantim SA, in which it currently owns 49.9 percent of the capital, according to a securities filing on Friday.

The transaction would only involve the purchase of preferred shares, the filing noted, adding that Banco do Brasil is currently negotiating terms of an accord with Banco Votorantim’s majority shareholder, investment holding company Votorantim Finanças.

“There is not at this moment any agreement between the two parties in terms of materializing that transaction,” the filing quoted Banco do Brasil Chief Financial Officer Iván Monteiro as saying.

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