Banco Bradesco S.A., a private-sector bank in Brazil, has entered into an agreement to acquire Banco ibi S.A. - Banco Multiplo (Banco ibi), a credit card issuer, from COFRA Holding AG, for approximately in BRL1,400 million ($725.49 million). Both Bradesco and Banco ibi are based in Brazil.
The transaction comprises the transfer of 100% shares of Banco ibi, ibi Corretora de Seguros Ltda., ibi Promotora de Vendas Ltda., and ibi Participacoes Ltda. to Bradesco. The transaction also includes the right of use of ibi brand in Brazil for unlimited term.
Banco Bradesco BBI S.A. and Xavier, Bernardes, Braganca - Sociedade de Advogados are advising Bradesco on the transaction.
Jun 5, 2009
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