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The controller of Brazilian bank and insurance group Bradesco (NYSE: BBD), Cidade de Deus, has closed a purchase of 5.4% of Bradesco's ordinary shares held by Portugal's Banco Espírito Santo (BES) and investments funds.
Cidade de Deus paid 2.9bn reais (US$1.83bn) for the shares, the holding said in a filing with Brazilian stock exchange BM&FBovespa.
The Portuguese bank sold its stake (4.1%) in Bradesco to bolster its capital base amid the adverse environment it faces in its home market.
Through the transaction, Cidade de Deus controls 51.9% directly and indirectly of Bradesco, which is the second largest private sector bank in Brazil and the biggest insurance and private pension player.