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Itaú Unibanco Holding SA's purchase of Citigroup Inc's Brazilian consumer finance division Credicard could bring in unexpected tax benefits for Brazil's largest bank by market value and protect a dominant position in the nation's burgeoning credit card market, an analyst said on Wednesday. Itaú's decision on Tuesday to pay 2.77 billion reais ($1.37 billion) for Banco Citicard SA and Citifinancial Promotora Ltda "makes all sense" from a strategic and financial standpoint, said Gustavo Schroden, senior banking analyst with Espírito Santo Investment Bank, in a phone interview.   Based on his own estimates, Schroden said Itaú paid the equivalent of 10.7 times estimated earnings this year for Credicard, or 2.3 times book value, both "very attractive multiples given the strategic synergies that could be extracted from the deal." If a tax benefit worth 690 million reais over six years was included, multiples would actually turn "even more at

Following are terms and conditions _0"> of a bond priced on Monday. Borrower FCE Bank Plc Issue Amount 500 million euro Maturity Date May 21, 2018 Coupon 1.75 pct   Reoffer price 99.456 Spread 105 basis points Underlying govt bond Over Mid-swaps, equivalent to 145.7bp Over the 0.25 pct 2018 OBL Payment Date May 21, 2013 Lead Manager(s) BAML, Barclays capital, Deutsche Bank & Royal Bank of Scotland Ratings Baa3 (Moody's), BBB- (S&P), BBB- (Fitch) Listing Lux _0"> Full fees Undisclosed _1"> Denoms (K) 100-1 _2"> Notes Launched under the issuer's EMTN programme _3"> ISIN XS0933505967 _4"> Security details and RIC, when available, will be _5"> on _6"> Customers can right-click on the code fo

Greece's second-largest lender Piraeus Bank said on Monday it planned to buy back 321 million euros ($416.4 million) of hybrid bonds as part of efforts to boost its capital base. _0"> The bond buy-back forms part of the country's bank recapitalisation scheme backed by the European Union and International Monetary Fund, under which its main four banks will receive 27.5 billion euros to restore their solvency levels.   Alpha Bank and National Bank have already launched a similar offer to repurchase hybrid bonds at a discount. Piraeus said that Barclays, BNP Paribas and Deutsche Bank would manage its buyback offer, which aims to boost its Core Tier 1 capital adequacy ratio by up to 156 million euros. The buy-back offer is expected to run until May 24.

Investor TPG Capital and the private equity arm of Credit Suisse are speeding up preparations to divest Europe's biggest bathroom equipment maker Grohe, sources said. They are pursuing a so-called dual track process that may result in an initial public offering (IPO) or sale to a competitor or other investor and may take place in the third or fourth quarter, two people familiar with the transaction said.   Credit Suisse, Goldman Sachs and Morgan Stanley are set to be mandated shortly as organisers of the flotation or sale, they said, adding Deutsche Bank, and UBS have also secured roles in the potential deal. Grohe, its owners and the banks declined to comment. Grohe, which last year posted sales of 1.4 billion euros ($1.8 billion) and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of 273 million euros in 2012, has an estimated global market share of about 8 percent. It is likely to have an equity value of more than 2 billion euros in a f

Commerzbank is offering shares at a deep discount in a 2.5 billion euro ($3.3 billion) capital increase aimed at repaying funds it owes to the German government and insurer Allianz.   Germany's second-biggest lender said on Tuesday it was offering 556 million new shares at a subscription price of 4.50 euros per share, a discount of 55 percent to Monday's closing price of 9.94 euros. That is equivalent to a 38 percent discount on the share price when excluding the value of subscription rights, set at 2.65 euros per share, and in line with expectations. Current shareholders will be entitled to receive 20 new shares for every 21 shares they now hold. The subscription period starts on Wednesday and runs until May 28. Commerzbank shares were indicated to open 2.6 percent lower in pre-market trade on Tuesday. As part of the transaction, German bank bailout fund Soffin will sell Commerzbank shares worth 625 million euros, reducing its stake to roughly 17 percent from 25 percent

The International Airlines Group said on Tuesday it had sold 390 million euros ($506 million) in convertible bonds maturing on May 31, 2018. _0"> In a statement, IAG said the bonds, to be used to fund the purchase of low-cost carrier Vueling, would be converted into shares at 4.25 euros each, representing a 35 percent premium to Tuesday's average share price.

The following corporate finance -related stories were reported by media on Wednesday: _0"> * Actavis Inc received and rejected a takeover offer from Mylan Inc last week that valued the generic drugmaker at more than $15 billion, a person familiar with the situation told Reuters on Tuesday. * State-owned China Galaxy Securities Co Ltd priced its initial public offering at the lower end of the indicative price range, raising $1.1 billion, a source with direct knowledge of the matter said on Wednesday.   * State-rescued German bank Hypo Real Estate Holding AG is preparing to sell its public finance specialist Depfa, with Citigroup Inc appointed to organise the sale, two people familiar with the situation said on Tuesday. * The parent of Dongfeng Motor Group Co, China's second-largest automaker, will take an over-40 percent stake in Fujian Motor Industry Group, a local newspaper said on Wednesday, the latest consolidation in the country's fragmented auto market