Brazilian Heard Circling German I-Bank

Commerzbank is heard in final stages of talks to sell its Dresdner Kleinwort LatAm investment banking group, which is headquartered in Brazil. Executives at the firm say reports surfacing Thursday that Luiz Cezar Fernandes – founder of both Garantia and Pactual, two of Brazil’s most successful investment banking operations – is close to tying up a deal to acquire the banking unit are true. They decline to comment further. Fernandes is reported to be offering $90m-$100m for the asset, and said holding talks with Dresdner’s new owner, Commerzbank. Earlier this month, Dresdner officials confirmed the unit was being sold. It is not clear whether the deal would involve keeping Dresdner’s ex-Brazil business, which includes some utilities advisory and investment banking, as well as DCM for a small group of markets, including Chile.