Banco Bradesco to return 7.5 billion BRL

Updated

21 June 2010

Banco do Brasil SA, the nation’s largest state-owned bank, won a court ruling that requires rival Banco Bradesco SA to return 7.5 billion reais ($3.6 billion) of assets held in escrow for two state governments.

The voting came a day after Banco Itau Holding Financeira SA announced the acquisition of Uniao de Bancos Brasileiros SA, creating Latin America’s biggest financial group, overtaking Banco do Brasil. The decision makes it more likely that Banco do Brasil will acquire Banco Nossa Caixa SA, Brazil’s largest regional lender in government hands.

Source: Bloomberg.com