Italian bank Banca Intesa has announced the sale of its 3.86% stake in the Brazilian bank ABN Amro Real to ABN Amro Holdings for E224 million.
The Italian firm said it hopes to make a capital gain of E35 million from the sale which is part of a put option for its holding in the Brazilian unit.
Banca Intesa sold half of its remaining 7.72% share in ABN Amro Real for a cash payment. It originally acquired an 11.58% holding back in 2003 following the sale of its 94.57% stake in Brazilian bank Sudameris to the ABN Amro unit.
In the earlier transaction, Banca Intesa obtained the right to sell one third of its position in ABN Amro Real to joint venture partner ABN Amro in June 2005, a further one third in June 2006 and the remainder in June 2007. In June 2005, Intesa had exercised its put option on one third of its existing 11.58% shareholding.