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Brazil's Itaú Unibanco buys 40 percent of Banco Itaú BMG for 1.46 billion reais
December 28, 2016 / 9:36 PM / a year ago

Brazil's Itaú Unibanco buys 40 percent of Banco Itaú BMG for 1.46 billion reais

SAO PAULO (Reuters) - Brazil’s largest private bank, Itaú Unibanco Holding SA has completed the acquisition of 40 percent of Banco Itaú BMG Consignado SA, specialized in payroll loans, for 1.46 billion reais ($445 million), the bank said in a securities filing on Wednesday.

Itaú already held 60 percent of BMG Consignado, the filing said. The acquisition had been announced in September, but needed regulatory authorization to be completed.

Reporting by Tatiana Bautzer; Editing by Daniel Flynn

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