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Santander Brasil Falls on Report Damping Stake Sale Rumors

May 30 (Bloomberg) -- Banco Santander Brasil SA fell after a newspaper report discouraged speculation that a significant stake in the company may be sold.

Santander retreated 1.1 percent to 15.87 reais at the close in Sao Paulo after earlier dropping as much as 3 percent. The benchmark Bovespa index fell 1.5 percent.

Madrid-based Banco Santander SA is seeking to sell a stake of 1 percent to about 2 percent in its Brazilian unit to meet local free float requirements, Valor Economico reported, citing an interview with the subsidiary’s chief executive officer, Marcial Portela.

The bank also said there are no negotiations under way to sell Banco Santander Brasil SA or a relevant minority stake in the unit, according to the Sao Paulo-based newspaper.

Banco Santander SA has agreed to sell its Colombian business to Chile’s Corpbanca for $1.16 billion as part of a plan to plug a capital shortfall in the wake of Spain’s property crash. The transaction is expected to be completed next month, according to data compiled by Bloomberg.

To contact the reporter on this story: Denyse Godoy in Sao Paulo at dgodoy2@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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