Inbursa in talks to acquire Standard Bank's Brazil unit for USD 59.3 million

By IVCPOST Staff Reporter

Oct 24, 2013 01:35 AM EDT

Two sources told Bloomberg that Grupo Financiero Inbursa was talking with Standard Bank Group for the purchase of its Brazil unit. The price tag for Banco Standard de Investimentos was said to be valued at USD 59.3 million or BRL 130 million. The sources spoke on the condition of anonymity because the talks were private. One of the people said a bank acquisition was the most convenient way for a company to be given the license to operate in the Brazilian market.

In an emailed statement to Bloomberg, Standard Bank said it did not comment on market rumors. However, the company said, "Standard Bank Group has already announced that its strategy is to reduce capital outside the African continent. So, it is not strange that international banks that want to enter Brazil will sound out possibilities with Standard Bank."

Data gathered by Bloomberg showed that billionaire Carlos Slim holds a majority stake in Grupo Financiero Inbursa worth USD 9.67 billion.

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