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Moody's affirms Banco Itaś
Moody's Investors Service said it affirmed all ratings of Brazil-based Banco Itaś SA following the announcement that it had entered into an agreement with the Bank of America Corp. to acquire BankBoston's operations in Brazil. Itaś is rated C for financial strength, A3 for local currency deposits and Aaa.br on the Brazilian national scale for deposits.
The acquisition is valued at about R$4.5 billion and will consist of a stock swap, equivalent to 5.8% of Itaś's total equity. Bank of America will become a shareholder of Itaś and will appoint one member to Itaś's board of directors.
In affirming the ratings, Moody's said that the acquisition will add to Itaś's presence in certain business lines where BankBoston has developed a strong position, particularly in asset management and private banking. Moreover, the acquisition should help Itaś to consolidate its market share in the large corporate and middle market segments.
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