PARAGUAY: OPEN FOR BUSINESS

In a Spanish language press release dated April 1st, 2008, Sudameris Bank SAECA announced that its major shareholder, the Irish Abbeyfield Group, had acquired the remaining shares in Sudameris Bank (Paraguay) that were held by Sudameris S.A., a French subsidiary of the Italian banking group Intesa San Paolo SpA.

This makes Abbeyfield the holder of 98.01% of shares in the Paraguayan company Sudameris Bank SAECA, and completes Intesa’s withdrawal from South America after many years, a process started in 2003 when Intesa decided to concentrate on the emerging markets of Central Europe.

Tags: Abbeyfield Group, Intesa, paraguay, San Paolo, Sudameris