BSCH bids for further stake in Banco Rio de la Plata
BSCH is making an all paper offer for a further 28% stake in Banco Rio de la Plata valued at E772m UKP467m. The bank already has a controlling interest of 53% and has options on a further 19% of the bank. BSCH is a major player in Argentina with a 10% stake in Banco de Galicia y Buenos Aires and control of Banco Tornquist.
The bank announced it would seek shareholder approval for a minor 2% increase in share capital to cover the acquisition. In January it purchased the Brazilian Banco Meridional. It is also thought likely to join the bidding for the Brazilian Banco do Estado do Sao Poulo. The sale of the latter bank has been suspended by the Brazilian attorney general for the moment.
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