Brazil’s Banco Itau Holding Financeira signed a three-year 1.5 billion reais ($539 million) deal with BMG bank on Thursday, continuing its expansion in the retail credit sector.
Itau, Brazil’s second-largest private bank, will buy an initial 500 million reais in BMG loans and afterward purchase at least 100 million reais a month until it reaches a total of 1.5 billion reais.
Aside from the increased lending power the deal will offer BMG, the small bank will also be able to sell Itau’s products and services under its own name, such as pension funds and insurance.
For this complete story, please visit Brazil’s Itau to Buy $539 million in BMG Loans.
