Commerzbank to sell Unibanco stakes
Bnamericas Published: Monday, December 06, 2004
German bank Commerzbank plans to sell its shares in Brazil's third largest private sector bank Unibanco (NYSE: UBB) and in its parent Unibanco Holdings, the Brazilian bank said in a statement. Commerzbank owns 2.6% of Unibanco and it also holds a 4.3% stake in Unibanco Holdings. Unibanco said the share sale would take place through a secondary offering to be announced at a later date. The bank added that its commercial relationship with Commerzbank would continue despite the upcoming sale. Brazilian press have also speculated that another minority shareholder, Italian bank BNL, could follow Commerzbank's example and sell its 0.7% stake in Unibanco and a 1.2% in Unibanco Holdings. Unibanco is Brazil's third largest private bank in terms of assets. Last month the bank announced a 21% increase in net profits for the third quarter to 327mn reais (US$120mn) compared to the same quarter 2003.
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