Portugal’s Caixa Geral de Depósitos to open investment bank in Brazil

9 August 2006

São Paulo, Brazil, 09 Aug – The Caixa Geral de Depósitos (CGD) plans to open an investment bank in Brazil and has already requested Central Bank authorisation, the Portuguese bank’s director in São Paulo said Wednesday.

The project comprises an investment bank to operate in mergers and acquisitions, as well as credit operations with financing agencies.

Tiago Mateus das Neves explained that the project includes the hiring of 10 employees and that the amount of capital CGD will invest in Brazil has yet to be determined.

In September last year CGD sold in a public stock market offer a 12-percent stake it held in the capital of Unibanco, Brazil’s third biggest private bank.

The operation netted the Portuguese bank 1.765 billion reals (US$809.1 million).

The stake in the Brazilian bank’s capital was acquired in late 2000, when CGD sold the Banco Bandeirantes to Unibanco, by means of exchanging shares. (macauhub)