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Banco Indusval again rejects claims of possible sale


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Banco Indusval again rejects claims of possible sale

Banco IndusvalSA once again rejected claims that the Brazilian bank could be soldoff to a Chinese company.

In a statement released Sept. 27, the Brazilian bank said thatwhile it constantly reviews new business and corporate restructuring possibilities,there are currently no proposals regarding a potential sale of its business.

The statement came in response to a Sept. 27 IstoÉ Dinheiro report purporting that BancoIndusval is in talks to be sold to China's Shanghai Pengxin Group Co.

Rumors of a possible sale of Banco Indusval to Shanghai Pengxinhad surfaced earlier inthe year, although Banco Indusval at the time had rejected those reports as well.

In the most recent report, IstoÉ Dinheiro cited sources close to the bank as saying that BancoIndusval controlling shareholder Jair Ribeiro was recently in China to negotiatea sale of the bank, which booked a  43.3 millionBrazilian reais loss in the first half and is in the process of from public trading.

Shanghai Pengxin reportedly has earmarked about $1 billion toinvest in Brazil.

As of Sept. 27, US$1 wasequivalent to 3.25 Brazilian reais.