Jan 30 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
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