
No upside seen in Itaú, Santander offers for Citi Brasil operations

Deutsche Bank said both Itaú Unibanco and Santander have "limited room" for improved earnings if either bank were to acquire any of Citi Brasil's retail operations.
Citi accepted separate offers for its operations in Brazil, Argentina and Colombia until two weeks ago.
Itaú is said to have made an offer for assets in Brazil, while Santander's bid is said to include operations in both Brazil and Argentina.
"We still believe the acquisition could make strategic sense for Santander's management, as part of their strategy to grow the business in the country," Deutsche Bank equity researcher Tito Labarta said in a release.
"However, the acquisition would not significantly improve the bank's domestic position, as it would still lag its main peers. Meanwhile, we think Itaú would be the most price sensitive, as it has been in the past, and Citi Brasil would not make a major impact in its operations. Either way, we see limited room for significant earnings accretion for either bank."
The German global banking and financial services company said that, based on its December 2015 book value, Citi Brasil is worth somewhere between 6.9bn and 7.9bn reais (US$2b-2.3bn).
Subscribe to the most trusted business intelligence platform in Latin America. Let us show you our solutions for Suppliers, Contractors, Operators, Government, Legal, Financial and Insurance.
News in: Political Risk & Macro (Brazil)
Brazil inflation forecast to slow due to weaker growth
Inflation ended 2022 above the target set by the central bank for the second consecutive year.

Brazil infra executives worried about long-term impact of attack on democracy
BNamericas speaks with executives and experts in the infrastructure sector about the impact from Sunday's violent attack on the country's main demo...
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects
Get key information on thousands of projects in Latin America, from current stage, to capex, related companies, key contacts and more.
- Project: New Terminal at Providenciales Airport
- Current stage:
- Updated:
2 days ago
- Project: Quebradona
- Current stage:
- Updated:
2 days ago
- Project: Golden City biorefinery
- Current stage:
- Updated:
2 days ago
- Project: Jujuy - La Quiaca railway rehabilitation
- Current stage:
- Updated:
2 days ago
- Project: Itinga
- Current stage:
- Updated:
2 days ago
- Project: Rehabilitation of the Atalaya - Mariato - Quebro - Las Flores highway and upgrade of the Varadero feeder road
- Current stage:
- Updated:
2 days ago
- Project: Ayawilca
- Current stage:
- Updated:
2 days ago
- Project: Windpeshi wind farm
- Current stage:
- Updated:
2 days ago
- Project: Costanera de Pilar and flood control (Pilar Coastal Defense)
- Current stage:
- Updated:
3 days ago
- Project: Desalination Plant Mar de Cortés - Puerto Peñasco
- Current stage:
- Updated:
3 days ago
Other companies
Get key information on thousands of companies in Latin America, from projects, to contacts, shareholders, related news and more.
- Company: BASF Chile S.A.  (BASF Chile)
-
BASF Chile, a subsidiary of German chemical company BASF SE, started operations in Chile in 1910 representing the firm on the Pacific Coast, and supplying Peru, Bolivia, Ecuador...
- Company: Tensar International Corporation  (Tensar International )
-
Tensar International Corporation, parte de grupo Tensar, es un proveedor estadounidense de productos y servicios para refuerzo de suelos y estabilización de terreno en proyectos...
- Company: Robert Bosch México S.A. de C.V.  (Robert Bosch México)
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
- Company: BNP Paribas Colombia
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
- Company: ATCO México
-
ATCO México, the local subsidiary of Canadian holding group ATCO, is engaged in the development, construction and operation of energy infrastructure. Since its incorporation in ...
- Company: Akzo Nobel Ltda.  (AkzoNobel Brasil)
-
AkzoNobel Brasil is the Brazilian subsidiary of AkzoNobel, the Dutch global paints and coatings company and producer of specialty chemicals with operations in more than 80 count...
- Company: 3M Chile S.A.  (3M Chile)
-
3M Chile is the local subsidiary of the diversified global technology company 3M, which operates in four business units: security and industry, transportation and electronics, h...
- Company: Sistemas de Energía Internacional, S.A. de C.V.  (Seisa Energía)
-
The description included in this profile was taken directly from an official source and has not been modified or edited by BNamericas’ content team. However, it may have been au...
- Company: Gold Fields Ltd.  (Gold Fields)
-
Gold Fields Ltd. is a South African mining company engaged in gold mining and related activities, including exploration, extraction, processing and smelting. It is a producer of...
- Company: Finning International Inc.  (Finning)
-
Finning International is a Canadian distributor of heavy equipments. The firm is the world's largest Caterpillar equipment dealer, with operations in western Canada, the UK, Ire...