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SAO PAULO, Oct 2 (Reuters) - Brazil’s Banco Bradesco SA has acquired a 65 percent stake in the Brazilian subsidiary of PRA Group Inc for 224 million reais ($57.3 million), a source with knowledge of the matter told Reuters on Tuesday.
Early on Tuesday, Bradesco announced the acquisition, but it did not disclose the deal’s value.
PRA Group is a financial services company specializing in the purchase, collection and management of portfolios of non-performing consumer loans. Its Brazilian subsidiary is RCB Investimentos SA.
Bradesco said in a securities filing that the acquisition would help it improve recovery of non-performing loans and expand into that market.
Other Brazilian banks such as Itaú Unibanco Holding SA , Banco BTG Pactual SA and Banco Santander Brasil SA have all announced deals in the non-performing loans segment in recent years. ($1 = 3.9097 reais) (Reporting by Aluisio Alves and Carolina Mandl Editing by Susan Thomas and Steve Orlofsky)