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March 18, 2008 |
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NUEVO BANCO: Advent Int'l May Sell Bank to Gilinski Group Advent International may reach an accord to sell Nuevo Banco Comercial to Colombia's Gilinski group by the end of this month, Business News Americas reports, citing a source. The source told BNamericas that Advent International could get as much as US$300 million from the sale of Nuevo Banco. BNamericas relates that Nuevo Banco was formed in March 2003 from the assets of three local banks that were intervened and suspended due to a "run on deposits" during Uruguay's financial crisis in 2002. The Uruguayan government sold Nuevo Banco to a group led by Advent International for US$167 million in September 2005. According to BNamericas, Advent International reportedly stopped the sale of Nuevo Banco on Jan. 28, 2008, even though it received bids from three banks. Banco Itau, Unibanco, Scotiabank, the Royal Bank of Canada, and Gilinski's GNB Sudameris looked at Nuevo Banco's books, but only three of them presented a concrete proposal. The source told BNamericas that Advent International officials informed representatives of the central bank on March 11, 2008, of the ongoing negotiations with Gilinski, who asked Advent International for updated figures on Nuevo Banco despite having been over the bank's books recently. * * * In April 2007, Fitch Ratings Service affirmed Nuevo Banco Comercial S.A.'s BB- local currency long-term issuer rating. Fitch said the outlook is stable. |
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