Banco do Brasil wants to incorporate Nossa Caixa by November

Banco do Brasil (BB) is in the phase of final adjustment in its analysis of the assets of Banco Nossa Caixa, and in the coming weeks it should begin negotiating the price with the sp state government, owner of the institution that BB wants to incorportate before the end of this year, according to its president, Francvisco Lima Neto, speaking last Friday in São Paulo city, where he presented BB results for the first half of the year.

Lima Neto said that BB 'is well equipped' to begin the negotiations. The analysis of documents, numbers and information about Nossa Caixa was finished August 5. Despite acknowledging that the transaction is more complex than its incorporation of Banco do Estado de Santa Catarina (Besc) (which BB hopes to finalize in September or October) due to the volume of assets and the size of the Nossa Caixa operation, Lima Neto said that BB is working to reach an accord by the end of November. The Plan is to send the proposal to the São Paulo State Legislative Assembly, which must approve the deal, before it begins its yearend recess.

If it incorporates the Paulista bank, BB will issue stock to pay for the transaction, said Aldo Luiz Mendes, vice-president of finances, the capitals market and investor relations, who also analyzed the purchase of Banco do Piauí, a process which is still in the initial phase but which should be similar to Besc, he said. Also in the initial phase of talks is the incorporation of Banco de Brasília.

Publication: Gazeta Mercantil - OnLine News - en
Provider: Gazeta Mercantil / Investnews
Date: August 18, 2008