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Unibanco to repatriate fresh US$200mn

Bnamericas Published: Tuesday, May 13, 2003
Unibanco Holdings, which controls Brazil's third biggest bank Unibanco, told a conference call Tuesday it would repatriate US$200mn in investments by August as a way to reduce exposure to foreign exchange risk. "We think that having US$500mn-600mn invested abroad is sufficient," Unibanco Holdings' Israel Vainboim said. In December, Unibanco reduced its exposure on foreign markets by US$100mn. In January it brought back US$100mn and US$120mn so far in May. At the end of the first quarter its overseas investments totaled US$900mn, Vainboim said.

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