Banco do Brasil S.A. (BOVESPA:BBAS3) agreed to acquire 21.35% stake in Banco Patagonia S.A. (BASE:BPAT) from Jorge Guillermo Stuart Milne, Ricardo Alberto Stuart Milne and Emilio Carlos Gonzalez Moreno for approximately $200 million on June 15, 2018. Banco do Brasil will acquire 154,014,912 shares for $ 1.314 each, to hold 578,116,870 class B shares post completion. Jorge Guillermo Stuart Milne and Ricardo Alberto Stuart Milne will each sell 9% stake and Emilio Carlos Gonzalez Moreno will sell 3.35% stake in this transaction. The transaction is subject to the approvals of the Central Bank of Brazil and the Central Bank of the Argentine Republic. J.P. Morgan acted as financial advisor to Banco do Brasil.

Banco do Brasil S.A. (BOVESPA:BBAS3) completed the acquisition of 21.35% stake in Banco Patagonia S.A. (BASE:BPAT) from Jorge Guillermo Stuart Milne, Ricardo Alberto Stuart Milne and Emilio Carlos Gonzalez Moreno on September 6, 2018.