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BSCH ACQUIRES BANESPA AND BECOMES BRAZIL'S THIRD PRIVATE BANK.

The Spanish banking group Banco Santander Central Hispano (BSCH) has taken control of the Sao Paulo State Bank (Banespa) for 7.050 billion Reals (USD3.710 billion), becoming the third private banking institution in Brazil as a result. Santander surprised all-comers by placing a record bid for Banespa in the context of the for the auction on the Rio de Janeiro stock exchange, 281% above the reserve set at USD973 million. This bid far exceeded others from Bradesco, Brazil's leading private bank which offered only USD980 million, and Unibanco, which bid USD1.100 billion. BSCH has acquired 30% of social capital in the bank or 11.232 billion shares, equivalent to 60% of voting rights. The BSCH group, which is active in 38 countries - including 12 Latin American states where it has 22 million clients -, has assets worth USD14.470 billion in Brazil (excluding Banespa), and a network of more than 500 agencies employing 5,000 staff.

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Comment:BSCH ACQUIRES BANESPA AND BECOMES BRAZIL'S THIRD PRIVATE BANK.
Publication:European Report
Geographic Code:3BRAZ
Date:Dec 6, 2000
Words:157
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