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Bradesco, BdB buy stakes in local Santander banks
April 23, 2010 / 11:52 PM / 8 years ago

Bradesco, BdB buy stakes in local Santander banks

SAO PAULO, April 23 (Reuters) - Brazilian bank Bradesco (BBDC4.SA) and the state-run Banco do Brasil (BBAS3.SA) said on Friday they had each independently acquired additional stakes in two of Santander Group’s Brazilian subsidiaries.

Bradesco, Brazil’s No. 2 private bank, acquired an additional 2.09 percent stake in Santander’s local bank Cielo (CIEL3.SA) for 425 million reais ($241 million), raising its stake to 28.65 percent.

It also bought an additional 10.67 percent stake in Santander’s Companhia Brasileira de Solucoes e Servicos (CBSS) for 139.2 million reais, raising its position in that bank to 45 percent, Bradesco said in a market filing.

Meanwhile, Banco do Brasil - the country’s largest state-run bank - acquired through its BB Banco de Investimento unit an additional 5.11 percent stake of Cielo’s capital for 1.039 billion reais from Santander, bringing its total participation in the local subsidiary to 28.65 percent.

Banco do Brasil also took an additional 4.65 percent stake in CBSS at a cost of 60.8 million reais, bringing its total holding of the bank to 45 percent.

The shares of Cielo closed Friday down 2.1 percent at 16.80 reais. Banco do Brasil shares were up 0.6 percent at 29.85 reais, while Bradesco was up 0.7 percent at 31.68 reais. (Reporting by Carolina Marcondes; writing by Reese Ewing; Editing by Marguerita Choy)

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