ABN Buys Banco Intesa's Brazil Unit

Emerging Markets Economy, May 1, 2003

ABN Amro is expanding its presence in Brazil with the E688 million purchase of Sudameris, owned by Banco Intesa of Italy.

The largest Dutch bank will pay E158 million in cash and a further E530 million worth of shares in Banco Real, ABN's existing operation in the region.

The merged group will be the fourth-largest privately owned bank in Brazil. ABN's move comes as some of the large US banks, including Citigroup, has sought to cut their exposure to South America's most populous country. - (EMEconomy.com)