Banco Santander Brasil S.A. (SANB4.BR, BSBR) on Friday denied news reports that it was mulling the sale of a minority stake to a competitor in Brazil.

"The bank is not for sale," said a press officer for Santander Brasil, a unit of Spain's Banco Santander SA (SAN.MC, STD).

There has been consistent press speculation this week that up to 40% of Santander Brasil could be sold, either to government-run bank Banco do Brasil S.A. (BBAS3.BR) or to Brazil's second-largest private-sector bank, Banco Bradesco S.A (BBD, BBDC4.BR).

On Wednesday, Banco do Brasil rejected speculation that it was in talks to purchase a stake in Santander. Bradesco said it wouldn't comment on the speculation.

According to data provided by Brazilian research firm Austin Rating, Santander Brasil had BRL423.7 billion ($212 billion) in assets at the end of 2011, making it the fifth-largest bank in Brazil.

-By Luciana Magalhaes, Dow Jones Newswires; +5511 3544-7072; luciana.magalhaes@dowjones.com

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