Fast money.
The financial markets keep on humming in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . Bradesco,
the largest private bank in Brazil, bought for US$490 million the
Brazilian business side of the U.S. credit-card giant American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. .
Meanwhile, Banque Safdie, a Swiss bank with more than 40 years of
experience in Latin America, launched its first hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" , Safdie LatAm
Fund, which will invest in the region. The fund will concentrate on
investment opportunities in Argentina, Brazil and Mexico. In another
deal, Scotiabank, a Canadian financial institution, said it received
regulatory approval in Peru to buy an 80% stake in Banco Wiese Sudameris
from Banca Intesa Banca Intesa S.p.A. is a major Italian bank based in Milan. It was born in 1998 from the merger of Cassa di Risparmio delle Provincie Lombarde (aka Cariplo) and Banco Ambroveneto (former Banco Ambrosiano). , an Italian bank, as well as 100% of Banco
Sudamericano, a bank in which it already owned a 35% stake. Scotiabank
will spend $300 million taking control of the two banks.
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