Banco do Brasil's Acquisition Drive Gains Pace

September 2008 | M&A News Alert

Banco do Brasil (BdB), the largest federally-controlled lender in Brazil and the countries largest bank by assets, has agreed to buy Banco do Estada de Santa Catarina (BESC) and its mortgage unit for BRL685mn (US$382.7mn). The move forms part of a planned series of acquisitions by BdB aimed at keeping pace with private competitors. It will pay US$230mn for BESC, controlled by the state of Santa Catarina, and US$153mn for its mortgage unit BESC SA Credito Immobiliario, subject to shareholder approval.

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