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ABN Amro increases stake in Brazilian bank

Dutch banking giant ABN Amro has announced that it is to acquire a further 3.86 per cent stake in Brazil's Banco ABN Amro Real, marking its increased interest in investing in the South American banking industry.

The stake, bought from the Italian bank Banca Intesa for around $282 million in cash, will add to ABN Amro's existing 3.86 per cent share bought in June last year as part of a three year transaction.

Banca Intesa acquired an 11.58 per cent stake in the Brazilian bank in 2003, after the sale of a 94.57 per cent stake in another Brazilian bank – Banco Sudameris Brasil – to the ABN Amro unit.

The Italian bank then obtained the right to sell one third of this stake each year from 2005 to 2007 to ABN Amro.

Banca Intesa expect to make a capital gain of about $44 million from the deal as part of a put option for its holding on the Brazilain bank.