BEC auction candidates pass 2nd pre-qualification
Bnamericas Published: Thursday, September 08, 2005
Four banks and financial institutions have been pre-qualified by the Brazilian Clearing and Depositary Corp (CBLC) for the impending privatization of state-owned bank Banco do Estado do Ceará (BEC), local press reported. The potential bidders include Brazil's three largest private banks, Bradesco (NYSE: BBD), Itaú (NYSE: ITU), and Unibanco (NYSE: UBB), along with GE Consumer Finance. Brazil's central bank also pre-qualified the same four in May. BEC, based in the northeastern Brazilian state of Ceará, is slated to hit the auction block on Sep 15. Many see Bradesco as the leading candidate, as it has shown greater interest in buying banks in the North and Northeastern regions of Brazil than the other competitors. "Bradesco certainly has the best strategy to incorporate BEC," an analyst told BNamericas. "Itaú has been more focused on increasing its presence in the Southern part of the country." The minimum price for BEC was set at 542mn reais (US$233mn). Brazil's federal government owns 99% of BEC, and the bank's employees will have a chance to buy 10% of the government shares at a discount. The customer base up for grabs consists of 278,601 active clients, a loan portfolio of 238mn reais and 770mn reais in deposits. The bank has 69 branches and 865 employees in its northeastern Ceará home state and also one branch in the Brazilian capital Brasília. BEC has assets and net equity of 1.73bn reais and 367mn reais respectively.
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