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March 7, 2008 |
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BANCO BRADESCO: BBVA Sells 5% Stake for EUR976 Million Banco Bilbao Vizcaya Argentaria, S.A., aka BBVA has decided to exercise the option to sell its 5.01% holding of ordinary stocks in Banco Bradesco SA, for EUR976 million, which will represent a capital gain of around EUR740 million for the group, at the time the transaction is closed. BBVA has decided to launch its own platform in Brazil to develop its global business activity, providing services to its corporate customers from Europe, the US, Latin America, and Asia. BBVA has been working with Banco Bradesco since January 2003, when it announced it had taken a stake in the Brazilian bank's capital via an agreement whereby it sold its subsidiary BBV Brazil to Banco Bradesco in exchange for US$632 million and 4.4% of its stock. The group subsequently raised its stake to over 5%. Five years later, BBVA informed the Spanish Securities Market Commission that it has exercised the option to sell its stake in Banco Bradesco to the majority shareholders of the Brazilian entity -- Cidade de Deus Companhia Comercial de Participacoes and Fundacao Bradesco -- in line with the Shareholders Agreement signed by both parties, which provided for this sale option through June 2010. The agreement with Banco Bradesco included a business area in the bank specializing in originating business between both entities, and provided for the bank to offer banking services to BBVA’s corporate customers in Brazil, along with other potential areas of cooperation within a non-competitive framework. About BBVA Banco Bilbao Vizcaya Argentaria, S.A., aka BBVA is a diversified international financial group with operations in retail banking, asset management, private banking and wholesale banking. BBVA is organized into five business areas: Retail Banking in Spain and Portugal, Wholesale Businesses, Mexico and the United States, South America and Corporate Activities. About Banco Bradesco Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE: BBD) -- http://www.bradesco.com.br/ -- prides itself on serving low-and medium-income individuals in Brazil since the 1960s. Bradesco is Brazil's largest private bank, with more than 3,000 banking branches, and also a leader in insurance and private pension management. Bradesco has branches throughout Brazil as well as one in New York, and Japan. Bradesco offers Internet banking, insurance, pension plans, annuities, credit card services (including football-club affinity cards for the soccer- mad population), and Internet access for customers. The bank also provides personal and commercial loans, along with leasing services. * * * On Nov. 12, 2007, Moody's Investors Service assigned a Ba2 foreign currency deposit rating to Banco Bradesco. |
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