Unibanco remained the local reference in M&A operations, as the most active Brazilian bank in this segment during 2004 and, according to Thomson Financial's ranking, the only Brazilian bank to stand out among Latin America leader institutions in M&A. Some of the financial advice transactions that are worth mentioning are: Grupo Rede, in the sale of Itamarati Norte and Rosal Hydroelectric plants, for a total of R$364 million; Cemig, in the sale of Gasmig to Petrobras for R$144 million; CCR, in the acquisition of Via Oeste for R$726 million; ThyssenKrupp Stahl, in the sale of its 49% stake in Galvasud S.A. to CSN; and, the incorporation of Companhia Suzano de Papel e Celulose to Bahia Sul Papel e Celulose S.A. During 2004, Unibanco successfully advised on 11 transactions, totaling R$2.4 billion.

Project Finance

During 2004, the project finance team concluded nine projects in the health, ports, sugar-alcohol, sanitation and energy sectors.

Unibanco was the lead manager in the first Brazilian securities program, structured for Companhia Energética de Minas Gerais (Cemig), totaling R$1.5 billion, and of the program's first tranche of R$230 million. It also led the second commercial paper issue for Companhia de Saneamento Básico do Estado de São Paulo, Sabesp, totaling R$1.5 billion, and of the program's first tranche of R$600 million. Unibanco was also the manager of another five issues, amounting approximately R$1.4 billion. In the secondary market, some US$81 million in domestic corporate securities and US$7.2 billion in external sovereign and corporate bonds were traded.