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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