Brazil’s Itau to buy BTG’s stake in Recovery for 640 mln reais

Industry:    2016-01-04

Dec 31 Itaú Unibanco Holding SA agreed to buy a controlling stake in Latin America’s largest debt collection agency, Recovery do Brasil, from investment bank Grupo BTG Pactual SA for 640 million reais ($161.64 million), Itau said on Wednesday. Itau will also purchase about 70 percent of a 38-billion real portfolio of non-performing loans from BTG Pactual for 570 million reais in cash, Itau added in a statement. Both deals are subject to regulatory approval and should not impact the bank’s balance sheet next year, Itau’s investors relations executive Marcelo Kopel said in the statement. ($1 = 3.9593 Brazilian reais) (Reporting by Silvio Cascione; Editing by Chizu Nomiyama and W Simon)

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