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ABN Amro buys Brazilian bank, for its licence

Friday 26 October 2012

ABN Amro has bought Brazilian bank CR2 for an undisclosed sum, the Dutch state-owned financial services group said on Friday.

CR2 is a small privately owned commercial bank with total assets of approximately €25m as of June 2012, the Dutch bank said in a statement.

A spokesman later told news agency ANP the deal is purely to give ABN Amro a banking licence in the territory. 'This is quicker than going through the normal channels,' the spokesman said.

ABN Amro used to have a Brazilian banking licence but lost it when the company was sold and carved up in 2007.

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