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Santander Brasil Rises Most Since August on Sale Speculation

Jan. 10 (Bloomberg) -- Banco Santander Brasil SA, the Brazilian Unit of Spain’s biggest lender, jumped the most in five months after a magazine report that was later retracted renewed speculation about the sale of a stake in the bank.

Shares rose 5.1 percent to 15.98 reais at the close of trading in Sao Paulo. It was the biggest advance on the MSCI Brazil/Financials Index, which dropped 0.1 percent.

Banco Bradesco SA offered to buy a stake in Sao Paulo-based Santander Brasil, the magazine Veja reported on its website late yesterday. The magazine retracted the report 20 minutes later, saying it was “mistaken.”

Bradesco, based in Osasco, Brazil, and Santander Brasil said in separate e-mailed statements that they “categorically deny” the report.

Speculation about the sale of a stake in Santander Brasil began in May 2012, when its Spanish parent, Madrid-based Banco Santander SA, agreed to sell its Colombian business to Santiago-based Corpbanca SA for $1.16 billion as part of a plan to plug a capital shortfall in the wake of Spain’s property crash.

The parent owns 75 percent of Santander Brasil.

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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