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Private equity

Bradesco takes over management of JP Morgan funds
Bradesco takes over management of JP Morgan funds

Bradesco takes over management of JP Morgan funds

28 February 2003

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.

Pension fund buys out US partners in Mexico
Pension fund buys out US partners in Mexico

Pension fund buys out US partners in Mexico

21 February 2003

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 issues leasing securities in Argentina
ABN Amro issues leasing securities in Argentina

ABN Amro issues leasing securities in Argentina

14 February 2003

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.

New tourism fund in Peru to be funded by airport tax
New tourism fund in Peru to be funded by airport tax

New tourism fund in Peru to be funded by airport tax

07 February 2003

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.

Export financing trust set up in Argentina
Export financing trust set up in Argentina

Export financing trust set up in Argentina

07 February 2003

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.

Equity fund invests in Mexican IT
Equity fund invests in Mexican IT

Equity fund invests in Mexican IT

31 January 2003

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.

Bank teams up with car company in Brazil to provide retail financing
Bank teams up with car company in Brazil to provide retail financing

Bank teams up with car company in Brazil to provide retail financing

20 December 2002

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).

Real estate fund targets small investors
Real estate fund targets small investors

Real estate fund targets small investors

06 December 2002

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.

American trust gives funds to set up park in Patagonia
American trust gives funds to set up park in Patagonia

American trust gives funds to set up park in Patagonia

22 November 2002

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.

Local Amex card to be issued by Bancolombia
Local Amex card to be issued by Bancolombia

Local Amex card to be issued by Bancolombia

04 November 2002

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.