Boston, MA 04\/29\/2014 (wallstreetpr) –\u00a0<\/b>Banco Santander Brasil SA (ADR) (NYSE:BSBR) <\/b>reported net income of first quarter on Tuesday, which beat analysts\u2019 estimate. The company announced recurring net income of as much as 1.427 billion reais or $637 million in the quarter. According to Reuters, analysts had forecasted recurring profit, a net income measurement term excluding one- time items, of 1.404 billion reais for the reported quarter.<\/p>\n
Banco Santander Brasil SA (ADR) (NYSE:BSBR)\u2019s Chief Executive Officer, Jes\u00fas Zabalza, said today that market analysts are unable to estimate the actual value of the company. He also said that they are failing to access actual worth of businesses in the country in general. At an earnings conference call, he said to investors that Banco Santander SA\u2019s deal to buy Santander Brazil\u2019s 25% stake demonstrates the parent company\u2019s confidence in Brazil\u2019s as well as the country\u2019s businesses\u2019 future. The parent company already owns 75% stake in Sandander Brazil. Zabalza expects the agreement to be valued at around 4.7 billion euros or $6.5 billion. He expects the deal to close by October.<\/p>\n
Buyout Deal<\/b><\/p>\n
The parent company has reportedly offered a 4.7 billion euro or 3.86 billion pounds buyout deal for the remaining 25% stake in its Brazilian unit. This would allow the biggest banks of the euro zone to concentrate on growth in the country. The buyout, which is financially luring for Banco Santander SA, shows the confidence it has on Santander Brazil after it reports 8% higher profits than those estimated by European banks\u2019 stress tests. Zabalza sees the deal to provide the company an opportunity for a successful turnaround.<\/p>\n
Spain\u2019s Santander is proposing 20% premium on the stock of Banco Santander Brasil SA (ADR) (NYSE:BSBR) to the minority stakeholder of the Brazilian unit after it lost almost 50% of its value in October 2009, when the stock was valued at 23.5 reais or $10.5. the stock closed at 12.74 reais yesterday.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 04\/29\/2014 (wallstreetpr) –\u00a0Banco Santander Brasil SA (ADR) (NYSE:BSBR) reported net income of first quarter on Tuesday, which beat analysts\u2019 estimate. The company announced […]<\/p>\n","protected":false},"author":32,"featured_media":18994,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[3086,3087],"stock_ticker":[],"class_list":["post-20627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-banco-santander-brasil-sa-adr-nysebsbr","tag-nysebsbr","entry"],"acf":[],"yoast_head":"\n