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Santander Brasil buys minority stake in related insurer

Banco Santander (Brasil) SA bought 39.35% of the total share capital of insurance broker Santander SA Serviços Técnicos Administrativos e de Corretagem de Seguros for about 533.5 million Brazilian reais, according to a Nov. 21 regulatory filing.

The transaction involves 113,109,756,098 shares previously held by Spain-based Santusa Holding SL.

Santander Brasil is indirectly controlled by Banco Santander SA, the direct and indirect controller of Santusa Holding.

As of Nov. 21, US$1 was equivalent to 3.26 Brazilian reais.