Banco do Brasil, FirstRand in Brazil joint venture

Newswire

SAO PAULO, July 28 (Reuters) - Brazilian state-run bank Banco do Brasil said on Monday that it would team up with South African financial group FirstRand in a joint venture to provide financing for Brazil's fast-growing automobile market. Banco do Brasil, Latin America's largest bank in terms of assets, said its investment banking unit would hold 100 percent of the new bank's nonvoting shares and 47 percent of its voting stock, giving it 73.5 percent of total shares. FirstRand Bank ...

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