When Euromoney reported on Brazil’s banking sector earlier this year, the expectation was that the long-awaited and much-postponed sale of Banespa, the bank formerly controlled by the state of São Paulo, would spark a wave of consolidation in the industry during the second half of the year. The sale has been postponed yet again – it may now not take place before 2001 – but the industry, tired of waiting, has got on with consolidation anyway.
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