In May 2007 Banco Santander Central Hispano announced that it would make an offer to purchase ABN AMRO. This offer was in conjunction with Royal Bank of Scotland and Fortis. BSCH's offered to purchase 28% of ABN AMRO. The offer would be made by a capital increase through a new stock share issue. In October 2007, the group outbid Barclays and purchased ABN AMRO. As part of the deal, Grupo Santander acquired ABN AMRO's subsidiary in Brazil, Banco Real, and its subsidiary in Italy, Banca Antonveneta.