Deals
Citigroup’s Brazil Retail Assets Valued at $350 Million
- Santander said to be working with Morgan Stanley as adviser
- Bids for the Brazil assets could fetch as much as $450 million
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Banco Santander SA, Spain’s biggest bank, hired Morgan Stanley as an adviser to help it buy Citigroup Inc.’s retail assets in Brazil for $350 million to $450 million, according to three people with knowledge of the matter.
Santander, whose Brazil unit generates about 19 percent of the Madrid-based company’s revenue, also is working with Credit Suisse Group AG, other people said last week, asking not to be identified discussing private talks. The Spanish company didn’t make a bid for Citigroup’s Colombia unit, which is also for sale, and is working with a Lazard Ltd. venture to advise on its proposal to buy Citigroup’s assets in Argentina, the people said.