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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