Brazil's Itau Unibanco Denies Talks to Purchase RBS's Citizens

Date : 08/07/2012 @ 6:34PM
Source : Dow Jones News
Stock : Banco Santander, S.A. Sponsored Adr (Spain) (SAN)
Quote : 6.45  -0.05 (-0.77%) @ 3:59PM

Brazil's Itau Unibanco Denies Talks to Purchase RBS's Citizens

Societe Generale Eur1.25 (EU:GLE)
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SAO PAULO--Brazil's second-largest bank in terms of assets, Itau Unibanco Holdings SA (ITUB, ITU4.BR), denied Tuesday it was in talks to purchase Citizens, the U.S. unit of Royal Bank of Scotland Group PLC (RBS, RBS.LN).

The bank "isn't negotiating the acquisition of Citizens, the U.S. arm of Royal Bank of Scotland, nor of any other American financial institutions, as there is no proposal or related document in this sense," Itau said in a statement.

Itau said it is "always considering options to expand its operations in the financial market."

On Sunday, the U.K.'s Sunday Times newspaper reported that Itau was considering making a bid for Citizens, but that it hadn't made any formal approach to RBS. The newspaper also suggested Itau might consider a bid for the U.S. units of two other European institutions, Societe Generale SA (GLE.FR) and Banco Santander SA (SAN, SAN.MC).

Write to Matthew Cowley at matthew.cowley@dowjones.com

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