Bradesco Buys Banco do Estado do Ceará

Bradesco, Brazil’s largest private bank, in terms of assets, beat off Banco GE Capital SA to buy state-owned Banco do Estado do Ceará at auction for 700 million reais ($304 million), well above the minimum set of 543 million reais. Bradesco will use the purchase of the 70-branch bank to expand in the north-eastern region of Brazil.