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Brazilian bank Bradesco agrees to buy half of John Deere Bank shares
Friday, August 9, 2024 - 14:15
Fuente: Reuters

The objective of this strategic partnership is to further strengthen Bradesco's position in the agribusiness and construction sectors.

Brazilian bank Bradesco, through its direct subsidiary Bradesco Holding de Inversiones, has entered into an investment agreement with agricultural machinery manufacturer John Deere under which it will make a capital contribution to own a 50% stake in Banco John Deere.

The objective of this strategic partnership is to further strengthen Bradesco's position in the agribusiness and construction sectors, expanding the offer of financing and financial services for customers and distributors in the acquisition of equipment, parts and services from the John Deere group. The John Deere Bank will maintain its current brand.

Completion of the transaction is subject to the satisfaction of certain customary conditions precedent for transactions of this nature, including appropriate regulatory and competition approvals.

The transaction will not have a significant impact on Bradesco's capitalization ratio.

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