Banco Bradesco will acquire IBI Mexico for an undisclosed sum, The Wall Street Journal reports. The Brazilian bank will pay cash for all shares in IBI Mexico, which oversees the consumer finance unit of clothing retailer, C&A, in Mexico. The deal is expected to close by March 30, 2010.

Bradesco, as part of the deal, will have exclusive rights for 20 years to provide financial products and services in C&A’s 50 stores in Mexico, adds Reuters. The acquisition is an extension of a deal, which was inked between Bradesco and Cofra Holding in 2009, when the Brazilian bank had purchased IBI’s business in Brazil for $766.7 million in stock.

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