BANCO BRADESCO SA ADS (BBD) 20.68 -$0.20 (-0.96%) 07:40PM (15 mins delay)

Banco de Brasil and Santander Both Look to Take Advantage of ADRs

Sep 18, 2009 - 9:04 AM EDT

Paul Harper submits:

State controlled banking behemoth Banco de Brasil has been involved in a three way battle with its private peers Itau-Unibanco (ITUB) and Banco de Bradesco (BBD) for some time for dominance in the growing domestic banking sector. Having surpassed ITUB in the second quarter, mainly due to lower interest rates attracting borrowers, Banco de Brasil has now announced that it is looking to change its stance regarding international stockholders.

Yesterday, a spokeswoman for the company revealed that the bank is now looking to double the potential foreign ownership in Bovespa traded shares from the current 11% by raising its free float of shares to 25%.

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Source: Seeking Alpha (Sep 18, 2009 - 9:04 AM EDT)