June 21, 2017 / 9:18 PM / a year ago

Brazil's Itaú drops out of bidding for Argentina's Patagonia

SAO PAULO, June 21 (Reuters) - Itaú Unibanco Holding SA, Latin America’s largest bank by assets, has decided not to make a binding offer to acquire control of Argentine lender Banco Patagonia SA.

In a Wednesday statement, Itaú said the decision followed “careful analysis” of the deal. The statement came after Argentine newspaper Clarin said Itaú had the best chance among three suitors to acquire a controlling stake in Patagonia from state-controlled Banco do Brasil SA.

The media offices of Banco do Brasil and Patagonia could not immediately be reached. (Reporting by Guillermo Parra-Bernal; Editing by Sandra Maler)

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