Brazil Banco do Brasil Expects BRL362M Gain In 1Q On Visa IPO
Brazil Banco do Brasil Expects BRL362M Gain In 1Q On Visa IPO
Last Update: 4/1/2008 7:13:52 AM
SAO PAULO (Dow Jones)–Brazil’s government-controlled Banco do Brasil (BBAS3.BR),
the country’s largest retail bank, is expecting to report a non-recurrent gain in
the first quarter of approximately 362 million Brazilian reals ($206 million)
after the sale of a portion of its stake in Visa Inc. (V), the bank said late
Monday.
In March, Visa Inc., the world’s largest credit card processor, sold 406 million
shares, raising $17.86 billion, becoming the largest initial public offering in
the U.S.
Banco do Brasil reported a fourth quarter net profit of BRL1.22 billion, down
2.5% from BRL1.25 million in the year ago period.
On Monday, the bank’s share closed quoted at BRL23.11 on the Sao Paulo Stock
Exchange, the Bovespa.
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