Spanish bank BBVA has announced plans to open a new platform in Brazil, following the sale of its 5.01% stake in Banco Bradesco.
BBVA booked a gain of €740 million for the stake in Bradesco it took on in 2003. These new funds are now earmarked for investment in the new business in Brazil. BBVA has declined to comment further on the details but market rumours suggest it will focus on specialized trade financing rather than try to roll out a new retail or complete investment banking platform in Brazil’s already highly competitive market.
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