SAO PAULO -(Dow Jones)- Brazil's second-largest private bank, Banco Itau (ITU), expects to post a non-recurrent gain of 1 billion Brazilian reals ( $526million) in the third quarter due to the sale of a portion of the bank's stakein Redecard SA (RDCD3.BR) via an initial public offering, the bank said Mondayin a statement.
Redecard, a Brazilian credit-card networking services provider, and itscontrolling shareholders raised BRL4.64 billion from its IPO.
Redecard is jointly controlled by local banks Itau and Unibanco (UBB) andU.S.-based Citigroup Inc. (C). Itau sold a total of 53.79 million common shares,reducing its stake in the company to 23.21% from 31.94%.
-By Rogerio Jelmayer, Dow Jones Newswires; 5511-3145-1480; rogerio.jelmayer@dowjones.com
(END) Dow Jones Newswires 08-06-07 0919ET Copyright (c) 2007 Dow Jones & Company, Inc.