Santander Brasil Denies Plan To Sell Stake -Report
May 30 2012 - 6:52AM
Dow Jones News
The head of Banco Santander Brasil S.A. (SANB4.BR, BSBR) denied
press reports that the bank is planning to sell an equity stake to
a competitor in Brazil, the local newspaper Valor Economico
reported Wednesday.
"There is no negotiation to sell the bank and our headquarters
doesn't want to sell," said Marcial Portela, president of Santander
Brasil, in an exclusive interview with the newspaper.
There has been consistent speculation in Brazil's press that
Santander, a unit of Spain's Banco Santander SA (STD, SAN.MC), has
been in talks to sell some shares to either Banco Bradesco SA
(BBDC4.BR, BBD) or Banco do Brasil SA (BBAS3.BR, BDORY), saying
ongoing financial turmoil in Europe, and Santander's need for
capital, as the motive behind a sale.
"The group (Spain's Santander) does not need capital," said
Portela.
Bradesco and Banco do Brasil have both vehemently denied any
talks with Bradesco.
-By Rogerio Jelmayer, Dow Jones Newswires; 55 11 3544 7071;
rogerio.jelmayer@dowjones.com
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