Brazil Bank Bradesco Signs Deal To Buy IBI Mexico

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Posted January 22nd, 2010 at 7:23 pm
Brazil's No. 2 private bank Banco Bradesco SA (BBD, BBDC4.BR) announced Friday it agreed to buy IBI Mexico for an undisclosed price in its first excursion into international credit card administration.
The bank said it had no immediate plans to use IBI Mexico as a beachhead to set up retail banking operations in Mexico, but the deal reinforces ideas that Brazilian banks are increasingly looking for opportunities abroad following two years of consolidation at home.
Bradesco will pay cash ...