In a move that would bolster its global investment banking and asset management divisions, Chase Manhattan Corp. said Thursday it had agreed to buy most of the business operations of Banco Patrimonio de Investimento SA, a Brazilian investment bank.

The price was not disclosed. However, observers estimated that Chase would pay $90 million to $100 million for the Sao Paulo bank, or 1.5 times its $58 million of capital.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.