Brazilian grocer Companhia Brasileira de Distribuicao (CBD) will use 600 million reals ($318 million) it received from local bank Itau Unibanco (ITUB) to reinforce its cash position, which may be used for acquisitions, a CBD spokeswoman said Tuesday.

In June, CBD acquired local retailer Ponto Frio for BRL1.3 billion but CBD Chief Executive Claudio Galeazzi said at the time that the company would consider other purchases.

Itau Unibanco this week announced that it had ended an exclusivity accord that tied them to FIC, a consumer finance venture set up by CBD. In order to continue financing ventures with rival retailers, Itau Unibanco paid to get out of the contract.

CBD is jointly controlled by the Diniz family of Sao Paulo, the chain's founders, and by French retail company Casino Guichard-Perrachon SA (CO.FR). Its main competitors in Brazil include U.S. retail giant Wal-Mart Stores Inc. (WMT) and Carrefour.

-By Alastair Stewart, Dow Jones Newswires; 5511 2847-4520; alastair.stewart@dowjones.com