Reuters - Financials

Brazil’s Banco Daycoval shareholders approve delisting

Brazilian lender Banco Daycoval SA said on Friday that a shareholder assembly had approved a buyout plan by its controlling shareholders, according to a securities filing.

The bank said it had hired Banco Santander Brasil SA to advise on the deal.

The Dayan family, which owns 72 percent of Daycoval, presented a plan to delist the company last month, buying out minority shareholders for about 623 million reais ($ 186 million).

The bank, which provides corporate and banking services, is the latest company to delist from the São Paulo Stock Exchange as a severe market downturn gives controlling shareholders the opportunity to eliminate the cost of having a company listed.

($ 1 = 3.36 Brazilian reais) (Reporting by Brad Haynes; Editing by Ken Wills)

Reuters: Financials

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