Brazil’s Banco Bradesco SA is acquiring the asset management business of JPMorgan Fleming Asset Management for R$100 million (US$27.9 million). The agreement was executed on 27 January and closing will be within 60 days of that date.
Mexican pension fund GNP Pensiones SA de CV (GNPP) has acquired the 40 per cent interest held by US insurance and financial services company American General Corporation (AGC) in their pension fund joint venture for US$200 million. The deal closed on 14 February.
ABN Amro Bank NV, Argentine branch, in its capacity as financial trustee of Provincia Leasing Créditos I Trust (PLC), has issued securities for a total amount of Ar$60.2 million (US$19.3 million). The transaction was completed on 14 January.
Peru is setting aside extra money for a scheme to promote tourism. The Tourism Promotion and Development Fund will be managed by the Ministry of Foreign Trade and Tourism and financed by a combination of airport tax and contributions from the private tourism sector. It was created by a bill prepared by the ministry and passed by the Congress on 17 December.
The first financial trust to prefinance exports in Argentina, Exporta Argentina Series I (EAS), was set up on December 27. Banco de Inversión y Comercio Exterior SA (BICE) is acting as arranger for the trust, with HSBC Participaciones (Argentina) SA (HPA) as trustee.
Global private equity fund Advent International Corp (AIC) has acquired 70 per cent of the shares of Mexican software company Hildebrando SA de CV (HSC) through a strategic investment of US$17 million. The deal closed on 23 December.
Brazilian bank Banco Itaú SA has acquired 99.99 per cent of the capital stock of Banco Fiat SA, the retail financing business of Banco Fiat, from Fiat Auto SpA (FAS). The deal includes an agreement for provision of financing to Fiat customers. The transaction was executed on December 3 for a total consideration of R$897 million (US$240 million).
Brazilian bank Caixa Economica Federal (CEF) has set up the first real estate investment fund in Brazil in which shares have been placed to small investors. The fund has an initial value of R$104 million (US$29.4 million) and was launched on November 20.
Patagonia Land Trust (PLT), a US non-profit private entity, has donated funds to the Republic of Argentina to acquire approximately 61,000 hectares of privately-owned land for the creation of a national park.
Bancolombia has announced that it will commence issuing the American Express local currency card in Colombia in the first week of November, following an independent operator agreement with Amex in 2001.