Brazil's BTG Pactual to pay $210 mln for Banco Bamerindus

Wed Jan 30, 2013 9:38pm GMT

Quotes

   

Jan 30 (Reuters) - BTG Pactual, Brazil's largest independent investment bank, said on Wednesday it would pay about 418 million reais (US$210 million) to privately owned deposit guarantee fund FGC to acquire Banco Bamerindus do Brasil.

Earlier this month, Brazilian magazine Exame reported that BTG Pactual, controlled by billionaire financier André Esteves, was looking to acquire the shuttered bank to take advantage of its tax credits.

Financial difficulties at Bamerindus starting in 1995 led HSBC to buy part of the bank's debts and assets amid an intervention by the central bank, which ordered a shakeup of its management and a cleanup of its balance sheets.

BTG said the acquisition, which is pending regulatory approval, will give it a 98 percent stake in what is left of Banco Bamerindus.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.